Manager’s Remuneration. (a) The Manager’s annual remuneration for the performance of its duties hereunder shall be fifteen per cent (15%) of the total annual Management Expenses (excluding (i) the Manager’s remuneration and (ii) expenditure of a capital nature or expenditure drawn or to be drawn out of the Special Fund, in this Clause, ("capital expenditure"), PROVIDED THAT by a resolution of Owners passed at a meeting of the Owners convened under this Deed, any capital expenditure may be included for calculating the Manager’s remuneration at the aforesaid percentage or at such lower rate as considered appropriate by the Owners) reasonably and necessarily incurred for the proper and efficient management of the Land and the Building.
(b) The Manager shall be entitled to charge and be paid all disbursements and out-of-pocket expenses necessarily and reasonably incurred in the course of carrying out its duties hereunder. The Manager’s remuneration shall be the net remuneration of the Manager for its services as Manager and shall not include the costs, expenses, salary and fees for any staff, facilities, accountancy services or other professional supervision and all disbursements and out-of-pocket expenses necessarily and reasonably incurred in the course of carrying its duties hereunder which said costs and expenses shall form part of the Management Expenses and shall be a direct charge upon the Management Expenses.
(c) The Owners shall pay to the Manager the Manager’s annual remuneration hereunder in advance on the first day (or such other day as the Manager may deem appropriate) of each calendar month by twelve (12) equal monthly instalments each such payment to be in the sum of one- twelfth (1/12) of the annual remuneration of the Manager to be determined as aforesaid payable by the Owners according to the annual management budget or the revised annual management budget for the year in question to be prepared as provided in Clauses 5.1 to 5.5 hereof and any adjustment payment that needs to be made to bring the amount paid to the Manager by way of Manager’s remuneration for the year in question to the correct amount for such year will be made within twenty one (21) days from the completion of the auditing of the management accounts for such year as provided in Clause 6.3 hereof.
(d) No variation of the percentage referred to in Clause 4.4(a) above may be made except with approval by a resolution of Owners at the meeting of Owners convened in accordance with the provisions of this ...
Manager’s Remuneration. The Manager’s Remuneration in a Financial Year shall be 10% of the total Management Expenses incurred in the Financial Year Provided That:
(a) such percentage may be reviewed by a resolution at meetings of the Owners convened under this Deed;
(b) for the purpose of this Clause 9.1, Management Expenses shall not include:
(i) any capital expenditure or expenditure drawn out of the Special Fund (in this Clause 9.1, “Capital Expenditure”) save to the extent that the same has been permitted by a resolution passed at an Owners’ meeting convened under this Deed for inclusion for the purpose of calculating the Manager’s Remuneration; and
(ii) the Manager’s Remuneration; and
(c) the Owners may by a resolution passed at an Owners’ meeting convened under this Deed decide that a percentage lower than that provided under the previous provisions of this Clause 9.1 shall, for the purpose of calculating the Manager’s Remuneration, be applied to the Capital Expenditure included under Clause 9.1(b)(i).
Manager’s Remuneration. The Manager’s Remuneration in a Financial Year shall be 10% of the total Management Expenses incurred in the Financial Year Provided That:
(a) such percentage may be reviewed by a resolution at meetings of the Owners;
(b) for the purpose of this Clause 9.1, Management Expenses shall not include:
(i) any capital expenditure or expenditure drawn out of the Special Fund (in this Clause 9.1, “Capital Expenditure”) save to the extent that the same has been permitted by a resolution passed at an Owners’ meeting for inclusion for the purpose of calculating the Manager’s Remuneration; and
(ii) the Manager’s Remuneration; and
(c) the Owners may by a resolution passed at an Owners’ meeting decide that a percentage lower than that provided under the previous provisions of this Clause 9.1 shall, for the purpose of calculating the Manager’s Remuneration, be applied to the Capital Expenditure included under Clause 9.1(b)(i).
Manager’s Remuneration. 6.3.1 The Manager (other than the Owners' Committee when acting as Manager) for the performance of its duties herein shall be paid by way of remuneration an amount not exceeding the rate of 20% of the total annual Management Expenses necessarily and reasonably incurred in the course of its management of the Estate. No variation of the percentage of 20% may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed.
6.3.2 For the purpose of calculating the Manager’s Remuneration, the total annual Management Expenses referred to in Clause 6.3.1 above shall exclude (i) the Manager’s Remuneration, (ii) any capital expenditure or expenditure drawn out of the provision of Special Fund, Provided That by a resolution of Owners at an Owners’ meeting convened under this Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s Remuneration at the rate of 20% or at such lower rate as the Owners may consider appropriate.
6.3.3 The Manager's Remuneration as aforesaid shall be the net remuneration of the Manager for its services as Manager and shall not be subject to any requirement by the Manager to disburse or provide from such money any staff, facilities, accountancy services, or other professional supervision for the management of the Land and the Estate the cost for which shall be a direct charge upon the General Fund.
6.3.4 Each Owner of a House shall pay his due proportion of the Manager's Remuneration to the Manager in advance on the first day of each month. Payment of the Manager's Remuneration shall be monthly in advance in the sum of one twelfth of the annual remuneration of the Manager being 20% of the total annual budgeted Management Expenses (excluding the Manager's Remuneration, the Special Fund and any capital expenditure or expenditure drawn out of the Special Fund referred to in Clause 6.3.2) subject to adjustment at the end of each financial year when the final annual management expenses are ascertained.
Manager’s Remuneration. The Manager's Remuneration shall be fifteen percent (15%) per annum (which percentage may not be varied except with the approval by a resolution of the Owners at meetings of the Owners convened under this Deed) of the total annual management expenses of the Land and the Development (excluding (i) the Manager’s Remuneration itself, and (ii) any capital expenditure or expenditure drawn out of the Special Fund as referred to in Clause 118) necessarily and reasonably incurred in the management of the Land and the Development provided that by a resolution of the Owners at an Owners’ meeting convened under this Deed any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s Remuneration at the rate applicable under this clause or at such lower rate as considered appropriate by the Owners. Payment of the Manager's Remuneration shall be in advance in the manner as shall be determined by the Manager. Any over-payment of the Manager's Remuneration in the financial year in question shall be refunded and be paid by the Manager into the management fund within 21 days of the completion of the auditing of the annual accounts for such financial year as provided under Clause 133 and any adjustment payment that needs to be made by the Owners to bring the amount paid to the Manager by way of remuneration for the financial year in question to the correct amount for such financial year calculated in accordance with the first sentence of this clause shall likewise be made within 21 days of the completion of the auditing of the annual accounts for such financial year.
Manager’s Remuneration. (a) The Manager’s Remuneration in a Financial Year shall be 20% of the total Management Expenses incurred in the Financial Year.
(b) No variation of the percentage in Clause 9.1(a) may be made except with approval by a resolution of Owners at an Owners’ meeting convened under this Deed.
(c) For the purpose of calculating the Manager’s Remuneration, the Management Expenses must exclude (i) the Manager’s Remuneration itself; and (ii) any capital expenditure or expenditure drawn out of the Special Fund provided that by a resolution of Owners at an Owners’ meeting convened under the Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s Remuneration at the rate applicable under Clause 9.1(a) or Clause 9.1(b) or at any lower rate as considered appropriate by the Owners.
Manager’s Remuneration. 3.1. The Manager is entitled to the following remuneration in connection with the Engagement: The Manager shall receive a success fee equal to 2% of the gross proceeds provided by Northern Shipping Funds (or any affiliate or subsidiary thereof) through a sale leaseback structure.
3.2. In the event the Client terminates this Mandate Agreement without cause before the Transactions are completed, the Manager's right to fees pursuant to this Mandate Agreement shall survive and remain in full force and effect and continue to apply where any transactions that were initiated by the Manager and to which this Mandate Agreement would have applied (had the Manager's Engagement been retained) is concluded by the Client within 24 months from signing of this Mandate Agreement.
Manager’s Remuneration. 4.1 During the term of this agreement and in consideration of the services to be performed by the Manager the Owner agrees that it will pay to the Manager the management fees calculated and payable in the manner set out under the
4.2 The management fees will be payable by the Owner to the Manager by way of fortnightly deduction by the Manager from rent and any other monies collected on behalf of the Owner.
Manager’s Remuneration. 6.1 Subject to clause 6.2, the Management Fee will be payable to the Manager quarterly in advance on the first Business Day after the expiry of the previous financial quarter of the Group. The date of calculation of fees in respect of each period shall be the first Business Day of each financial quarter. Payment in respect of any period which is not a complete financial quarter shall be reduced on a pro-rata basis to reflect the actual number of days elapsed during such period.
6.2 If the Manager and the Company agree, the Management Fees payable may be accrued and deferred. In such event, at the option of the Manager, the Company shall pay to the Manager interest on the amount of the fees so deferred at the Interest Rate for the period from the due date until the date of payment of the relevant fees calculated on a daily basis.
6.3 The Performance Fee will be calculated and satisfied in accordance with Schedule 1.
6.4 The Company shall pay to the Manager, free of any deduction and as brokerage, the amount equal to 3% of the value of all equity capital raised by the Company, with the exception of transactions between the Company and parties related to the Manager, in accordance with clause 3.6.
6.5 The Company will pay to the Manager any GST chargeable on supplies made by the Manager under this Agreement in addition to, and at the time of payment of, the relevant fee in respect of such supply.
6.6 The Management Fee and Performance Fee may be adjusted upon agreement between the Company and the Manager. An adjustment to the Management Fee or Performance Fee in favour of the Manager shall be approved by the Shareholders by ordinary resolution in a general meeting.
6.7 If any audit conducted pursuant to clause 3.8 determines that there has been an under or overpayment of Management Fees or Performance Fees or costs then:
(a) in the event of any overpayment the amount concerned shall be deducted from the next instalment of Management Fee payable and if the amount concerned exceeds the amount of the next instalment of Management Fee payable then the Manager agrees to pay to the Company the amount of such overpayment upon demand; and
(b) in the event of any under payment the amount concerned shall be added to the next instalment of Management Fee paid to the Manager.
Manager’s Remuneration. 7.1 The Manager will be paid:
(a) in respect of the Investment Management Services:
(i) the Management Fee and the Performance Fee; and
(ii) any fees obtained from Portfolio Entities to be payable to the Manager under clause 2.6 to 2.8;
(b) in respect of the Administration Services, the Administration Fee; and (c) in respect of the Fund Raising Services (if any), such amounts as determined in accordance with clause 7.9.
7.2 Subject to clause 7.7, the Management Fee will be payable to the Manager quarterly in advance.
7.3 The Management Fee will become immediately due and payable on the first Business Day after the closing Asset Value for the previous quarter has been approved by the Board, provided that such approval occurs no later than 10 Business Days after the end of the previous quarter.
7.4 If the Board is unable to approve the Asset Value within 10 Business Days after the end of the previous quarter, then an interim Management Fee will become immediately due and payable. The calculation of any interim quarterly Management Fee will be based on the most recent Asset Value approved by the Board, adjusted for any known or likely write-downs and expenses (the “Interim Management Fee”). Once the Asset Value for the most recently completed quarter has been approved by the Board, the Management Fee due to the Manager will be recalculated and any difference between the Management Fee and the Interim Management Fee will be paid to the Manager or repaid by the Manager (as the case may be).
7.5 Except in respect of the Interim Management Fee, the calculation of the Management Fee will be based on the Asset Value as at the last day of the previous quarter.
7.6 Payment in respect of any period which is not a complete quarter shall be reduced on a pro-rata basis to reflect the actual number of days elapsed during such period.
7.7 If the Manager and the Company agree, the Management Fees payable may be accrued and deferred. In such event, at the option of the Manager, the Company shall pay to the Manager interest on the amount of the fees so deferred at the Interest Rate (calculated on a daily basis) for the period from the due date until the date of payment of the relevant fees.
7.8 The Performance Fee will be calculated and paid in accordance with Schedule 1.
7.9 If the Manager provides Fund Raising Services in accordance with clause 5.1, the Company shall pay to the Manager as brokerage, the following fees:
(a) subject to paragraphs (b) and (d), the amount equal...
