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determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Company or, failing approval, nominated (on the application of the Security Agent) by the President for the time being of the Law Society of Hong Kong (the costs of the nomination and of the investment bank being payable by the Company) and the determination of any investment bank shall be final and binding upon the parties to this Agreement.", "hash": "668a48cc86a2e1fc0df58bfe9d81a858", "id": 8}, {"samples": [{"hash": "f9ZFUoI98qK", "uri": "/contracts/f9ZFUoI98qK#security-agents-ongoing-costs", "label": "Multipurpose Facilities Agreement (SunOpta Inc.)", "score": 25.7994524298, "published": true}, {"hash": "ac17GAFnFnJ", "uri": "/contracts/ac17GAFnFnJ#security-agents-ongoing-costs", "label": "Multipurpose Facilities Agreement (SunOpta Inc.)", "score": 21.7488021903, "published": true}], "snippet_links": [{"key": "in-the-event-of", "type": "definition", 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Agent and the Company agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent under the Finance Documents, the Company shall pay to the Security Agent any additional remuneration that may be agreed between them.\n(b) If the Security Agent and the Company fail to agree upon the nature of the duties or upon any additional remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Company or, failing approval, nominated (on the application of the Security Agent) by the President of the Chamber of Commerce in Amsterdam (the costs of the nomination and of the investment bank being payable by the Company) and the determination of any investment bank shall be final and binding upon the parties to this Agreement.", "hash": "39e84fea4839f1e55103c9359a47f634", "id": 9}, {"samples": [{"hash": "8Gdv7OcPwnC", "uri": 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"the-parties-to-this-agreement", "type": "clause", "offset": [1137, 1166]}, {"key": "provided-that", "type": "clause", "offset": [1168, 1181]}, {"key": "affiliate-of", "type": "definition", "offset": [1219, 1231]}, {"key": "in-writing", "type": "clause", "offset": [1344, 1354]}, {"key": "in-respect-of", "type": "clause", "offset": [1418, 1431]}, {"key": "services-provided-by", "type": "clause", "offset": [1436, 1456]}, {"key": "agent-under-this-agreement", "type": "clause", "offset": [1470, 1496]}], "size": 2, "snippet": "(a) In the event of (i) a Default or (ii) the Security Agent being requested by a Debtor or the Instructing Group to undertake duties which the Security Agent and the Senior Secured Notes Issuer agree to be of an exceptional nature and/or outside the scope of the normal duties of the Security Agent, any Receiver or Delegate under the Debt Documents, the Senior Secured Notes Issuer shall pay to the Security Agent any additional remuneration that may be agreed between them.\n(b) If the Security Agent and the Senior Secured Notes Issuer fail to agree upon the nature of those duties or upon any additional remuneration, that dispute shall be determined by an investment bank (acting as an expert and not as an arbitrator) selected by the Security Agent and approved by the Senior Secured Notes Issuer or, failing approval, nominated (on the application of the Security 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 Senior Secured Notes Issuer) and the determination of any investment bank shall be final and binding upon the parties to this Agreement, provided that such investment bank shall not be an Affiliate of the Security Agent.\n(c) The Senior Secured Notes Issuer shall pay to the Security Agent the remuneration agreed in writing between the Senior Secured Notes Issuer and the Security Agent in respect of the services provided by the Security Agent under this Agreement.", "hash": "64dcb5fef8f70d333d3975497a156259", "id": 10}], "next_curs": "CmYSYGoVc35sYXdpbnNpZGVyY29udHJhY3RzckILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IiZzZWN1cml0eS1hZ2VudHMtb25nb2luZy1jb3N0cyMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"children": [], "title": "Security Agent\u2019s ongoing costs", "size": 69, "parents": [["costs-and-expenses", "Costs and Expenses"], ["indemnity-to-the-security-agent", "Indemnity to the Security Agent"], ["wilmington-trust", "WILMINGTON TRUST"], ["value-added-tax", "Value added tax"], ["accession-to-the-security-trust-agreement", "ACCESSION TO THE SECURITY TRUST AGREEMENT"]], "id": "security-agents-ongoing-costs", "related": [["administrative-agents-fee", "Administrative Agent\u2019s Fee", "Administrative Agent\u2019s Fee"], ["administrative-agents-fees", "Administrative Agent\u2019s Fees", "Administrative Agent\u2019s Fees"], ["administrative-agents-reimbursement-and-indemnification", "Administrative Agent\u2019s Reimbursement and Indemnification", "Administrative Agent\u2019s Reimbursement and Indemnification"], ["administrative-agent-fees", "Administrative Agent Fees", "Administrative Agent Fees"], ["additional-advances-and-disbursements-costs-of-enforcement", "Additional Advances and Disbursements; Costs of Enforcement", "Additional Advances and Disbursements; Costs of Enforcement"]], "related_snippets": [], "updated": "2025-07-07T12:36:18+00:00", "also_ask": ["What mechanisms ensure the security agent\u2019s costs are reasonable and capped?", "How can parties allocate or limit liability for unexpected or extraordinary expenses?", "What are the best practices for drafting reimbursement and indemnity provisions?", "How do courts interpret ambiguous cost allocation clauses in security agent agreements?", "How do these cost provisions compare to market standards in similar transactions?"], "drafting_tip": "Specify which costs are covered, set payment procedures, and cap reimbursements to prevent disputes and control expenses.", "explanation": "The 'Security Agent\u2019s ongoing costs' clause defines the responsibility for covering the expenses incurred by the security agent while performing their duties under the agreement. Typically, this clause specifies that the borrower or obligor must reimburse the security agent for reasonable costs such as legal fees, administrative expenses, or costs related to enforcing security interests. By clearly allocating these ongoing costs, the clause ensures that the security agent is not financially disadvantaged for acting on behalf of the lenders, thereby facilitating the smooth administration and enforcement of the security arrangements."}, "json": true, "cursor": ""}}