Common use of Administrative Cost Recovery Clause in Contracts

Administrative Cost Recovery. 4.1 In order to assist in the defrayment of the Administrative Costs and other expenses incurred by the Trustee under this Agreement, the Trustee may deduct and retain for its own account an amount equivalent to 0.58 per cent from the Contributions. In addition, the equivalent of up to 1.96 per cent of the Contributions may be charged on an actual basis to cover the Administrative Costs incurred by the Trustee. In addition, Administrative Costs incurred by the Secretariat shall be charged to the Trust Fund on an actual basis. Estimated costs for the Trustee and Secretariat charged to the Trust Fund will be approved in advance by the Steering Committee on an annual basis and shall be subject to an end of year adjustment based on actual costs incurred.