Trustee’s Remuneration Clause Samples
The Trustee’s Remuneration clause defines the compensation that a trustee is entitled to receive for carrying out their duties under a trust. This clause typically outlines the method of calculating the trustee’s fees, such as a fixed annual amount, a percentage of the trust assets, or hourly rates, and may specify when and how payments are to be made. By clearly establishing the trustee’s right to payment and the basis for such remuneration, this clause helps prevent disputes over compensation and ensures transparency for both the trustee and the beneficiaries.
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Trustee’s Remuneration. (A) The Company shall pay to the Trustees remuneration as specified in the offer letter ref ATSL/CO/11-12/3112/93 dated October 12, 2011 (in respect of Bonds aggregating Rs.40 crore represented by the XIth Issue, carrying Fixed Coupon Rate Interest of 10.20% per annum) and offer letter ref ATSL/CO/12-13/1382/62 dated June 28, 2012 (in respect of Bonds aggregating Rs. 120 crore represented by the XIIth Issue, carrying Fixed Coupon Rate Interest of 9.25% per annum) issued by the Trustees and accepted by the company.
(B) The Company shall reimburse the Trustees all legal, travelling, conveyance and other costs, charges and expenses incurred by them, their officers, employees or their agents in connection with execution of these presents including costs, charges, expenses of and incidental to the approval and execution of these presents and all other documents affecting the security herein and the Company hereby agrees to indemnify the Trustees against all actions, proceedings, costs, charges, expenses, claims and demands whatsoever which may be brought or made against or incurred by them in respect of any matter or thing done or omitted to be done without their wilful default in respect of or in relation to the Mortgaged Premises and these presents.
Trustee’s Remuneration. 11.1 The Debenture Trustee’s remuneration shall be set out in the Consent Letter dated January 02, 2024 and bearing reference no. CL/23-2/DEB/1043 entered into between the Issuer and the Debenture Trustee for this purpose.
11.2 The Issuer shall pay to the Debenture Trustee all legal, travelling and other costs, charges and expenses incurred by them, their officers, employees, agents in connection with execution of these presents including costs, charges and expenses of and incidental to the approval and execution of the Transaction Documents provided the Debenture Trustee gives valid supporting reasons for such costs, charges and expenses incurred.
Trustee’s Remuneration. The Trustee may charge and be paid out of any part of the capital or income of the Trust Fund the remuneration that the Trustee considers to be fair and reasonable. However, the maximum remuneration chargeable by the Trustee in respect of any Financial Year must not exceed an amount equal to the maximum commission chargeable by Trustee companies under the Trustee Companies Act of any state or territory of Australia in respect of that Financial Year.
Trustee’s Remuneration. (a) Any Trustee being a corporation (whether or not with limited liability) shall be entitled to its proper remuneration for its services in accordance with the terms of the Engagement Letter.
(b) The Trustee shall have power to pay out of the Trust Fund all expenses of whatever nature and remuneration in accordance with the terms of the Engagement Letter.
(c) Any Trustee for the time being hereof being an advocate solicitor accountant or other individual engaged in any profession or any such person associated with the Trustee or in the case of a corporate Trustee associated or beneficially interested in or in any way connected with such corporate Trustee shall be entitled to charge and be paid all usual professional or other charges for business done and time and services rendered by him or his firm and expenses incurred by him or his firm in the execution of the trusts and powers in the ordinary course of his profession or business or not and although not of a nature requiring the employment of an advocate accountant or other professional person and any such person shall be entitled to retain any commission which would or may become payable to the Trustee notwithstanding that such commission is payable as a direct or indirect result of any dealing with property which is or subject to the trusts hereof.
(e) Neither the Trustee hereof nor any director or other officer of any corporation which is a Trustee hereof shall be liable to account for any reasonable remuneration or other profit received by the Trustee in consequence of acting as or being appointed to be a director or other officer or servant of any company even though the appointment was procured by an exercise by the Trustee or by the relevant person of voting rights attached to securities in the Trust Fund or by any abstention from exercising such voting rights.
(f) Any Trustee or any associate of a Trustee hereof who carries on the business of banking may act as banker for this Settlement on the same terms as those made with an ordinary customer without being liable to account to the Trust Fund for any profits earned thereby except for interest payable on any sums placed with such Trustee or associate on an interest bearing account as an investment of any part of the Trust Fund.
Trustee’s Remuneration. The Trustee shall be entitled to charge and be paid and to retain all professional or other proper charges for any business done or time spent or services rendered by it in connection with the trust, powers and provisions of this Deed. The Trustee shall charge a professional fee for its services as will be agreed by the Trustee and the Beneficiary and the fee will be payable on the Commencement Date. The Trustee or any one of their number shall not be liable to the Beneficiary in their capacity as such for any loss arising: Solely from the negligence or fraud of any agent, officer, servant or other person employed by them or otherwise engaged or occupied in connection with the Trust Fund notwithstanding that it may not have been strictly necessary or expedient for any person to be so employed, engaged, occupied; or By reason of any mistake or omission made in good faith by them or any one of them; or By reason of any other matter or thing except their or her own willful fraud or wrongdoing Provided that where the Trustee is in default it shall stand liable for losses incurred and shall indemnify the Beneficiary. The Beneficiary will at all times indemnify and keep indemnified the Trustee against all liabilities which the Trustee may incur by reason of the Property being so registered in the name of the Trustee and in particular will punctually pay all property rates and rents and other demands which the Trustee may be or becomes liable to pay in respect of the Property and all expenses incurred by the Trustee in the execution of the trusts of this deed.
Trustee’s Remuneration. 15.01 Until the trusts hereunder are finally wound up, the Company shall pay to the Trustee for its services as trustee of this Trust Deed, such remuneration as may be agreed upon between the Company and the Trustee, payable annually in
Trustee’s Remuneration. (a) Subject to clause 23.3, the Trustee may charge and be paid out of any part of the capital or income of the Trust Fund the remuneration that the Trustee considers to be fair and reasonable. However:
(i) the maximum remuneration chargeable by the Trustee in respect of any Financial Year must not exceed the remuneration of trustee companies provided for in Part 5D.3 of the Corporations Act;
(ii) the first Trustee’s remuneration shall be in accordance with Schedule 9 and includes those costs and expenses under clause 23.2 that form part of the first Trustee’ remuneration; and
(iii) subsequent Trustees’ remuneration must be set out in a remuneration schedule attached to the Deed of Appointment.
(b) Other than in respect of the initial Trustee, to the extent that the costs and expenses of the Trust under clause 23.2 form part of the Trustee’s remuneration under clause 23.1(a), those costs and expenses must be provided for in the Deed of Appointment.
Trustee’s Remuneration. Any individual Trustee:-
4.7.1 whether or not an officer or employee of the Company or any Subsidiaries may receive and retain as remuneration for his services any sum or sums that the Company may from time to time resolve to pay to him for his services as a Trustee;
4.7.2 having any personal and beneficial interest (actual or prospective) in the decision may vote and take part in any decision of the Trustee on any matter;
Trustee’s Remuneration. 14.1 The Issuer shall pay to the Trustee remuneration as mutually agreed with the Trustee, at the time of its appointment on the terms and conditions as specified in the offer letter dated June 27, 2022. Arrears of such remuneration, if any, shall carry interest at the rate as applicable under the Micro, Small and Medium Enterprises Development Act, 2006, as amended from time to time.
14.2 The Issuer covenants to pay and reimburse the Trustee within 30 (thirty) days of a claim therefore made by the Trustee in writing;
14.2.1 all costs, charges, fees and expenses in any way incurred by the Trustee towards their services as a trustee, including but not limited to the costs, if any of preserving the securities and/or the enforcement thereof, holding of Meeting of Holders and all other expenses incurred in the discharge/performance of its duties and obligations as Trustee under this Deed, including such expenses incurred by any receiver, attorney, manager, agent or other person appointed by the Trustee for all or any of the purposes herein mentioned; and
14.2.2 to put the Trustee in funds for convening, holding and conducting the Meeting of Holders, should such meeting be required by the Issuer or deemed necessary by the Trustee.
Trustee’s Remuneration. A Trustee may be appointed on such terms as to remuneration whether payable out of the Fund or otherwise as may be agreed from time to time between the Employer and the Trustees and any corporation, company, firm or person to whom payment of remuneration is made under any such agreement may retain that remuneration beneficially. In addition, any firm of which a Trustee is a partner and any corporation in which he is in any way interested is entitled to be paid all proper charges for business transacted, time spent and acts done in connection with the Scheme.