Common use of Expenses of the Manager Clause in Contracts

Expenses of the Manager. The Manager or its Affiliates, but not the ICAV or any of its Subsidiaries or any Shareholder, shall bear and be charged with the following costs and expenses of the ICAV’s activities (including, in each case, any related VAT): (a) any costs and expenses of providing to the ICAV the office overhead necessary for the ICAV’s operations, including, but not limited to, rent and other normal overhead and operating expenses; (b) the compensation of the Manager’s personnel, including, but not limited to, benefits, and other expenses for such personnel; and (c) similar expenses to the extent that such expenses are not subject to reimbursement by the ICAV pursuant to Section 17 (ICAV Expenses).

Expenses of the Manager. The Manager or its Affiliates, but not the ICAV or any of its Subsidiaries or any Shareholder, shall bear and be charged with the following costs and expenses of the ICAV’s activities (including, in each case, any related VAT): (a) any costs and expenses of providing to the ICAV the office overhead necessary for the ICAV’s operations, including, but not limited to, rent and other normal overhead and operating expenses; (b) the compensation of the Manager’s personnel, including, but not limited to, benefits, and other expenses for such personnel; and (c) similar expenses to the extent that such expenses are not subject to reimbursement by the ICAV pursuant to Section 17 18 (ICAV Expenses).