FEES OF SUBSTITUTE ADMINISTRATOR DURING STANDBY PERIOD Sample Clauses

FEES OF SUBSTITUTE ADMINISTRATOR DURING STANDBY PERIOD. 5.1 In consideration of HML entering into this Agreement, the Issuer shall pay HML an upfront project fee of £5,000 on the Closing Date. 5.2 During the Standby Period, the Issuer shall pay HML an annual commitment fee in respect of each Commitment Fee Period which shall be the aggregate of: 5.2.1 £8,000 payable annually in advance on the Closing Date and thereafter on each Interest Payment Date falling in February (following the anniversary of this Agreement) of each year; and 5.2.2 to the extent that the sum referred to in sub-clause 5.2.1 above is less than 0.004 per cent. per annum of the Interest Charging Balance (calculated on the basis of a 365 day year and the number of days elapsed in the relevant Commitment Fee Period), the difference between the amount referred to in sub-clause 5.2.1 above and the amount calculated in accordance with this sub-clause 5.2.2, such amount payable annually in arrears on the Interest Payment Date which falls immediately after the end of the Commitment Fee Period in respect of which such fee accrued. 5.3 Without prejudice to the foregoing, if HML assumes its duties and obligations pursuant to Clause 2 (Appointment of Substitute Administrator) and in so doing incurs costs in respect of the transfer of information or the acquisition or installation of any systems or procedures necessary to properly perform its obligations hereunder, the Issuer shall reimburse HML for such additional costs properly and reasonably incurred, such amounts to be paid sixty (60) days following the receipt by the Issuer of an invoice in respect of such fees and expenses from HML.