Extraordinary management time Clause Samples

Extraordinary management time. The Borrowers shall pay to the Agent on its demand compensation in respect of the reasonable and documented amount of time which the management of either Servicing Bank has spent in connection with a matter covered by Clause 20.3 and which exceeds the amount of time which would ordinarily be spent in the performance of the relevant Servicing Bank’s routine functions. Any such compensation shall be based on such reasonable daily or hourly rates as the Agent may notify to the Borrowers and is in addition to any fee paid or payable to the relevant Servicing Bank. Where one bank is both Agent and Security Trustee there shall be no double charging of such compensation.

Extraordinary management time. (a) The Borrower shall pay to the Agent on its demand compensation in respect of the reasonable and documented amount of time which the management of either Servicing Bank has spent in connection with a matter covered by Clause 20.3 and which exceeds the amount of time which would ordinarily be spent in the performance of the relevant Servicing Bank's routine functions. Any such compensation shall be based on such reasonable daily or hourly rates as the Agent may notify to the Borrower and is in addition to any fee paid or payable to the relevant Servicing Bank. (b) Without prejudice to paragraph (a) above, in the event of: (i) an Event of Default; (ii) a Servicing Bank being requested by the Borrower or a Security Party or the Majority Lenders to undertake duties which that Servicing Bank agrees to be of an exceptional nature or outside the scope of the normal duties of that Servicing Bank under the Finance Documents; or (iii) a Servicing Bank agreeing that it is otherwise appropriate in the circumstances, the Borrower shall pay to that Servicing Bank any additional remuneration that may be agreed between them or determined pursuant to paragraph (c) below. (c) If that Servicing Bank and the Borrower fail to agree upon the nature of the duties, or upon the additional remuneration referred to in paragraph (b) above or whether additional remuneration is appropriate in the circumstances, any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Servicing Bank concerned and approved by the Borrower or, failing approval, nominated (on the application of the Security Trustee) by the president for the time being of the Law Society of England and Wales (the costs of the nomination and of the investment bank being payable by the Borrower) and the determination of any investment bank shall be final and binding upon the parties to this Agreement.

Extraordinary management time. The Borrowers shall pay to the Agent on its demand compensation in respect of the reasonable and documented amount of time which the management of either Servicing Bank has spent in connection with a matter covered by Clause 20.3 and which exceeds the amount of time which would ordinarily and reasonably be spent in the performance of the relevant Servicing Bank's routine functions. Any such compensation shall be based on such reasonable daily or hourly rates as the Agent may notify to the Borrowers and is in addition to any fee paid or payable to the relevant Servicing Bank. The Agent will as soon as reasonably practicable notify the Borrower in writing of any extraordinary management time which the Servicing Bank is envisaging to spend and will deliver a budget forecasting the cost relating to such extraordinary management time.

Extraordinary management time. If an Event of Default or Default shall have occurred or if the Security Agent finds it expedient or necessary or is requested by the Borrowers to undertake duties which the Borrowers agree to be of an exceptional nature or which are otherwise outside the scope of the Security Agent’s normal duties, the Borrowers will pay such additional remuneration as the Security Agent and Borrowers may agree, or failing agreement as determined by an investment bank (acting as an expert) selected by the Security Agent and approved by the Borrowers. The expense involved in such nomination and such investment bank’s fee will be borne by the Borrowers. The determination of such investment bank will be conclusive and binding on the Security Agent and the Borrowers.