Common use of Adjustment of Management Fee Clause in Contracts

Adjustment of Management Fee. The Management Fee shall be fixed until December 31, 2013. Thereafter, the Management Fee shall be adjusted annually, on the first day of the month following each anniversary of the Effective Date, by the same percentage that the annual “Average Hourly Earnings of Production Workers” reported in the North American Industry Classification System, Section 486, as published by the U.S. Department of Labor, Bureau of Labor Statistics, changed during the preceding calendar year; provided, however, that in no event shall the Management Fee ever be adjusted to less than the amount of the Management Fee in effect as of the Effective Date due to a change in such index. Should any significant change in the scope of the work to be conducted by MPL become necessary during the Term of this Agreement, the Party first becoming aware of such necessity shall promptly notify the other Party, at which time the Parties will enter into good faith negotiations to examine such necessary change in the scope of such work and adjust the Management Fee accordingly. In the event that, after such good faith negotiations, the Parties are unable to agree on an appropriate adjustment to the Management Fee, either Party may terminate this Agreement without liability to the other Party.