Common use of Payment of Annual International Incentive Fee Clause in Contracts

Payment of Annual International Incentive Fee. The International Portfolio Annual Incentive Fee calculated in respect of a Financial Year shall be earned and paid in three equal instalments as follows: (a) The first instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate under clause 9.3.1 (being for "Year 1") confirming the amount of such International Portfolio Annual Incentive Fee. (b) The second instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the next subsequent Financial Year ("Year 2") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 2) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this second instalment shall never be earned or paid. (c) The third instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the second next subsequent Financial Year ("Year 3") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 3) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this third instalment shall never be earned or paid. (d) Notwithstanding the foregoing, if any second or third instalments of the International Portfolio Annual Incentive Fees have not been calculated and paid: (I) As at the International Portfolio Termination Date (which occurs other than by reason of the Manager having given notice of termination under clause 11.2.1), such instalments shall be paid within 7 Business Days of the International Portfolio Termination Date. (II) As at the date on which the last of the Non-New Zealand Portfolio Securities which were held as at the International Portfolio Valuation Date to which the first instalment relates are sold or otherwise realised, such instalments shall be calculated and, if due, paid within 7 Business Days of the relevant date of sale or realisation. (e) In this clause, "SP" means the proceeds (if any) arising from the sale or other realisation of those International Portfolio Annual Valuation Assets held as at the date as at which calculation of the first instalment of the relevant International Portfolio Annual Incentive Fee was made after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like)

Payment of Annual International Incentive Fee. The International Portfolio Annual Incentive Fee calculated in respect of a Financial Year shall be earned and paid in three equal instalments as follows: (a) The first instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate under clause 9.3.1 (being for "Year 1") confirming the amount of such International Portfolio Annual Incentive Fee. (b) The second instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the next subsequent Financial Year ("Year 2") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 2) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this second instalment clause 9.4C shall never be earned or paidpaidapply. (c) The third instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the second next subsequent Financial Year ("Year 3") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 3) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this third instalment clause 9.4C shall never be earned or paidpaidapply. (d) Notwithstanding the foregoing, if any second or third instalments of the International Portfolio Annual Incentive Fees have not been calculated and paid: (I) As at the International Portfolio Termination Date (which occurs other than by reason of the Manager having given notice of termination under clause 11.2.1), such instalments shall be paid within 7 Business Days of the International Portfolio Termination Date. (II) As at the date on which the last of the Non-New Zealand Portfolio Securities which were held as at the International Portfolio Valuation Date to which the first instalment relates are sold or otherwise realised, such instalments shall be calculated and, if due, paid within 7 Business Days of the relevant date of sale or realisation. (e) In this clause, "SP" means the proceeds (if any) arising from the sale or other realisation of those International Portfolio Annual Valuation Assets held as at the date as at which calculation of the first instalment of the relevant International Portfolio Annual Incentive Fee was made after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like)

Payment of Annual International Incentive Fee. The International Portfolio Annual Incentive Fee calculated in respect of a Financial Year shall be earned and paid in three equal instalments as follows: (a) The first instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate under clause 9.3.1 (being for "Year 1") confirming the amount of such International Portfolio Annual Incentive Fee. (b) The second instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the next subsequent Financial Year ("Year 2") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 2) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this second instalment clause 9.4C shall never be earned or paidapply. (c) The third instalment shall be earned and paid within 7 Business Days of receiving the International Portfolio Independent Valuer's certificate in respect of the end of the second next subsequent Financial Year ("Year 3") under clause 9.3.1 but only if, in respect of those International Portfolio Annual Valuation Assets for which the fee was first calculated, FV3 + FX3 + D3 + SP (all as at Year 3) is greater than the greater of C3 and FV3 (each as at Year 1). If FV3 + FX3 + D3 + SP is not greater than the greater of C3 and FV3, then this third instalment clause 9.4C shall never be earned or paidapply. (d) Notwithstanding the foregoing, if any second or third instalments of the International Portfolio Annual Incentive Fees have not been calculated and paid: (I) As at the International Portfolio Termination Date (which occurs other than by reason of the Manager having given notice of termination under clause 11.2.1), such instalments shall be paid within 7 Business Days of the International Portfolio Termination Date. (II) As at the date on which the last of the Non-New Zealand Portfolio Securities which were held as at the International Portfolio Valuation Date to which the first instalment relates are sold or otherwise realised, such instalments shall be calculated and, if due, paid within 7 Business Days of the relevant date of sale or realisation. (e) In this clause, "SP" means the proceeds (if any) arising from the sale or other realisation of those International Portfolio Annual Valuation Assets held as at the date as at which calculation of the first instalment of the relevant International Portfolio Annual Incentive Fee was made after deduction of: (a) the actual costs of sale or other realisation; and (b) any capital gains or income tax (or the like) that will be payable upon such sale or other realisation; and addition of any International Portfolio Tax Benefits that will arise out of the payment of the such capital gains or income tax (or the like)