Interest and Recovery of Management Expenses Sample Clauses

Interest and Recovery of Management Expenses. This Subsection (E) is not applicable to the Owner of the Government Accommodation. (1) If any Owner shall fail to pay any amount payable hereunder within 30 days of demand, he shall further pay to the Manager:- (a) Interest calculated from the date of demand at the rate of 2% per annum over and above the Prime Lending Rate quoted by The Hongkong and Shanghai Banking Corporation Limited from time to time on the unpaid amount. (b) A collection charge of 10% of the amount due to cover the cost (other than legal costs as hereinafter mentioned) of the extra work in recovering the unpaid amount as occasioned by the default. (2) All moneys paid to the Manager by way of interest and collection charges shall be credited into the Special Fund. (3) All amounts which become payable by any Owner in accordance with the provisions of this Deed together with interest thereon as aforesaid and the said collection charges and all other expenses incurred in or in connection with recovering or attempting to recover the same shall be recoverable by civil action at the suit of the Manager. The claim in any such action may include a claim for legal costs on the solicitor and own client basis. In any such action the Manager shall conclusively be deemed to be acting as the agent or agents for and on behalf of the Owners as a whole (other than the defaulting Owner) and no Owner sued under the provisions of this Deed shall raise or be entitled to raise any defence of want of authority or take objection to the right of the Manager as plaintiff to xxx or to recover such amounts as may be found to be due. Charge on Undivided Shares of defaulting Owner (4) In the event of any Owner failing to pay any sum due and payable by him in accordance with the provisions of this Deed within 30 days of demand, the amount thereof together with interest as aforesaid and the said collection charge and all costs and expenses which may be incurred in recovering or attempting to recover the same including the legal costs referred to in Clause (3) of this Subsection (E) and in registering the charge hereinafter referred to, shall be charged on the Undivided Share or Undivided Shares of the defaulting Owner and the Manager shall be entitled without prejudice to any other remedy hereunder to register a memorandum of such charge in the Land Registry against the Undivided Share or Undivided Shares of the defaulting Owner. Such charge shall remain valid and enforceable as hereinafter mentioned notwithstanding ...
Sample 1
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Interest and Recovery of Management Expenses. Interest on unpaid monthly contribution (1) If any Owner shall fail to pay any amount payable hereunder within 30 days of demand, he shall further pay to the Manager:- (a) Interest calculated from the date of demand at the rate of 2% per annum over and above the Prime Lending Rate quoted by The Hongkong and Shanghai Banking Corporation Limited from time to time on the unpaid amount. (b) A collection charge not exceeding 10% of the amount due to cover the cost (other than legal costs as hereinafter mentioned) of the extra work in recovering the unpaid amount as occasioned by the default. Application of interest and collection charges (2) All moneys paid to the Manager by way of interest and collection charges shall be credited into the Special Fund.
Sample 1

Related to Interest and Recovery of Management Expenses

  • Servicer Expenses The Servicer shall be required to pay all expenses incurred by it in connection with its activities hereunder, including fees and disbursements of independent accountants, taxes imposed on the Servicer and expenses incurred in connection with distributions and reports to Certificateholders and Noteholders.

  • Reimbursable Costs 5.3.1. To be considered eligible for reimbursement, costs have to be: • actually incurred, individually identifiable and verifiable, as backed by copies of supporting evidence, as the case may be in the Contractor’s official bookkeeping; this means that no lump sums will be eligible for reimbursement; • necessary in order to perform the tasks as specified in the Terms of Reference (Annex 2); and • cost effective and providing value for money 5.3.2. The following costs are never eligible for reimbursement: • costs for excess baggage; • costs that are covered by the per diem; and • costs that are covered from a source other than this Contract 5.3.3. Travel tickets are reimbursed by EFI up to the cost of economy class level on basis of the most cost efficient itinerary, taking into account ticket price, travel duration, number of connections and safety of the transporting company. 5.3.4. For travel tickets, EFI requires the following documentation as supporting evidence: copies of tickets or electronic reservation, invoices and boarding cards. This documentation must clearly show the class of travel used, the time of travel and the amount paid.

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