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).
Appears in 3 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
Manager’s Remuneration. The Manager’s Remuneration in a Financial Year shall be 1015% of the total Management Expenses incurred in the Financial Year Provided That:
(a) such percentage may not be reviewed varied except with approval by a resolution of Owners at meetings of the an Owners' meeting 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 of Owners 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 15% shall, for the purpose of calculating the Manager’s Remuneration, be applied to the Capital Expenditure included under Clause 9.1(b)(i).
Appears in 2 contracts
Samples: Deed of Mutual Covenant and Management Agreement, Deed of Mutual Covenant and Management Agreement
