Common use of Agent’s Management Time Clause in Contracts

Agent’s Management Time. (a) Subject to paragraph (b) below, in the event of: (i) a Default; or (ii) the Agent being requested by an Obligor or the Lenders to undertake duties which the Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the Agent under the Finance Documents; or (iii) the Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances, the Borrower shall pay to the Agent any additional remuneration (together with any applicable VAT) calculated on the basis of the reasonable daily or hourly rates as agreed between the Agent and the Borrower. (b) If the Agent and the Borrower fail to agree upon the nature of the duties of the Agent in relation to any action or additional remuneration under paragraph (a) above any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Agent and approved by the Borrower or, failing approval, nominated (on the application of the Agent) 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.

Agent’s Management Time. (a) Subject to paragraph (b) below, in the event of: (i) a Default; or (ii) the Agent being requested by an Obligor or BHL or the Lenders to undertake duties which the Agent and the Borrower agree to be of an exceptional nature or outside the scope of the normal duties of the Agent under the Finance Documents; or (iii) the Agent and the Borrower agreeing that it is otherwise appropriate in the circumstances, the Borrower shall pay to the Agent any additional remuneration (together with any applicable VAT) calculated on the basis of the reasonable daily or hourly rates as agreed between the Agent and the Borrower. (b) If the Agent and the Borrower fail to agree upon the nature of the duties of the Agent in relation to any action or additional remuneration under paragraph (a) above any dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Agent and approved by the Borrower or, failing approval, nominated (on the application of the Agent) 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.