Common use of Manager’s Remuneration Clause in Contracts

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. Remuneration of Manager (1) The Manager's Remuneration shall be fifteen percent (15%) per annum (which percentage may not be varied except with being the approval by a resolution of the Owners at meetings of the Owners convened under this Deed) sum equivalent to 10% of the total annual expenses costs and charges per annum necessarily and reasonably incurred in the course of proper and efficient management expenses of the Land and the Development (excluding (i) the total expenses costs and charges, for the purposes of this sub-clause, shall exclude the Manager’s Remuneration itself's Remuneration, and (ii) any capital expenditure or and expenditure drawn out of the Special Fund as referred to described in Clause 118(10) necessarily and reasonably incurred in the management of the Land and the Development Subsection (D) of Section V hereof provided that by a resolution of the Owners at an Owners’ Owner’s meeting convened under this Deed Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s 's Remuneration at the rate applicable under this clause of 10% or at such lower rate as considered appropriate by the Owners) shall be payable by way of equal monthly payments in advance. Payment No variation of the percentage above may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed. The amount for such monthly payments shall be estimated by the Manager with adjustments to be made at the end of each financial year when the final annual Management Expenses are ascertained. For the purpose of this Clause, capital expenditure shall mean expenditure of a kind not expected by the Manager to be incurred annually. Manager's Remuneration exclusive of disbursements (2) The Manager's Remuneration shall not 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 subject to any requirement by the Manager into to disburse or provide from such money such staff referred to in Clause 1(ag) of Subsection (B) of Section V hereof, but not further or otherwise, facilities, accountancy services, or other professional supervision the management fund within 21 days of cost for which shall be a direct charge upon 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 yearManagement Funds.

Manager’s Remuneration. Remuneration of Manager (1) The Manager's Remuneration shall be fifteen percent (15%) per annum (which percentage may not be varied except with being the approval by a resolution of the Owners at meetings of the Owners convened under this Deed) sum equivalent to 10% of the total annual expenses costs and charges per annum necessarily and reasonably incurred in the course of proper and efficient management expenses of the Land and the Development (excluding (i) the total expenses costs and charges, for the purposes of this sub-clause, shall exclude the Manager’s Remuneration itself's Remuneration, and (ii) the Government rents, any capital expenditure or expenditure drawn out of the Special Fund as referred to described in Clause 118(12) necessarily and reasonably incurred in the management of the Land and the Development Sub-section D of Section V hereof provided that by a resolution of the Owners at an Owners’ meeting convened under this Deed Deed, any capital expenditure or expenditure drawn out of the Special Fund may be included for calculating the Manager’s 's Remuneration at the rate applicable under this clause of 10% or at such lower rate as considered appropriate by the Owners) shall be payable by way of equal monthly payments in advance. Payment No variation of the percentage above may be made except with the approval by a resolution of Owners at an Owners’ meeting convened under this Deed. The amount for such monthly payments shall be calculated and assessed by the Manager with adjustments to be made at the end of each financial year when the final annual Management Expenses are ascertained. For the purpose of this Clause, capital expenditure shall mean expenditure of a kind not expected by the Manager to be incurred annually. Manager's Remuneration exclusive of disbursements (2) The Manager's Remuneration shall not 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 subject to any requirement by the Manager into to disburse or provide from such money such staff referred to in Clause (1)(aj) of Subsection (B) of Section V hereof, but not further or otherwise, facilities, accountancy services, or other professional supervision the management fund within 21 days of cost for which shall be a direct charge upon 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 yearManagement Funds.