Monitoring Trustee Clause Samples

Monitoring Trustee. 7.1. Lloyds confirms that it has, and has provided the CMA with evidence that it has, notified the Monitoring Trustee (MT) appointed on 30 August pursuant to CMA Directions dated 25 August that from the Commencement Date: 7.1.1. The MT’s appointment is extended until Final Disposal has taken place in relation to each of the Divestment Pharmacies in each of the Relevant Areas; and 7.1.2. The functions of the MT during this period are: 7.1.2.1. to monitor and report on compliance by Lloyds with the Asset Maintenance Undertakings set out at paragraph 5 of these Final Undertakings; and 7.1.2.2. to support the CMA in taking action which may be required to give effect to the Asset Maintenance Undertakings. 7.2. The terms of appointment of the MT are subject to the requirements set out in Annex 4 to these Final Undertakings. 7.3. Lloyds undertakes to procure that the MT’s mandate requires that the MT will promptly inform the CMA of any material developments arising from the operation of its functions and will provide to the CMA a written report once every month, the first such report to be provided within two weeks’ of the MT’s initial appointment.

Monitoring Trustee. 8.1 The CMA reserves the right to put in place an independent Monitoring Trustee (at the expense of ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇) to oversee the implementation of the sale of the Divestiture Package. 8.2 In the event that the CMA exercises its right to appoint a Monitoring Trustee, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ undertakes that by no later than five Working Days after the CMA has confirmed its intention to put in place a Monitoring Trustee, it shall secure the appointment or retention of a Monitoring Trustee to perform the Monitoring Trustee Functions in paragraph 8.9 on behalf of the CMA. 8.3 The Monitoring Trustee must possess appropriate qualifications and experience to carry out his functions. The Monitoring Trustee must act on behalf of the CMA and be under an obligation to the CMA to carry out his functions to the best of his abilities. The Monitoring Trustee must neither have nor become exposed to a conflict of interest that impairs the Monitoring Trustee’s objectivity and independence in discharging his duties under these Final Undertakings, unless it can be resolved in a manner and within a time frame acceptable to the CMA. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ shall remunerate and reimburse the Monitoring Trustee for all reasonable costs properly incurred in accordance with the terms and conditions of the appointment and in such a way so as not to impede the Monitoring Trustee’s independence or ability effectively and properly to carry out his functions. 8.4 The appointment of the Monitoring Trustee and their terms and conditions must be approved by the CMA. ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ must inform the CMA as soon as is reasonably practicable and in any event by no later than two Working Days after the Commencement Date of the identity of the Monitoring Trustee that ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ proposes to appoint and provide the CMA with draft terms and conditions of appointment. Once the Monitoring Trustee has been approved by the CMA and appointed, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ must provide the CMA with a copy of the agreed terms and conditions of appointment. 8.5 If the proposed Monitoring Trustee is rejected by the CMA, ▇▇▇▇▇▇▇ ▇▇▇▇▇▇▇ shall submit the names of at least two further persons within two Working Days starting with the date on which it was informed of the rejection, in accordance with the requirements and the procedures set out in paragraphs 8.2 and 8.3 above.