Common use of ADDITIONAL MONITORING AND ADMINISTRATION FEE Clause in Contracts

ADDITIONAL MONITORING AND ADMINISTRATION FEE. Without prejudice to any other rights that the Agent, the Security Trustee or any of the Beneficiaries may have at such time under this Agreement or any other Finance Document, Ideal agrees that, upon the appointment of a receiver, administrator, administrative receiver, trustee, examiner or any other similar officer or office holder of any Obligor or of any or all of the assets of any Obligor or upon an order being made for the winding-up, liquidation or dissolution of any Obligor (the date of such event or occurrence being the "INSOLVENCY DATE"), Ideal shall become liable to pay forthwith to the Agent for its own account, an additional monitoring and administrative fee (the "ADDITIONAL MONITORING AND ADMINISTRATION FEE") in an amount equal to one per cent. (1%) of the higher of (a) the aggregate total of all Accounts then due and owing from any Account Debtor to the Borrowers (as determined by the Agent by reference to the most recent information provided to it under clause 15.2 and clause 16.4) and (b) the Total Commitments, in each case, as at the Insolvency Date.