Manager’s Remuneration definition
Examples of Manager’s Remuneration in a sentence
The Manager’s Remuneration shall be paid to the Manager in advance on the first day of each month of the Financial Year concerned by deductions made by the Manager from the Monthly Management Fees collected from the Owners.
The Manager’s Remuneration shall be the net remuneration of the Manager for its services as Manager and shall not cover disbursements and expenses properly incurred by the Manager in performing its services under this Deed.
Without limiting the generality of the foregoing, the Manager is not required to disburse or provide from the Manager’s Remuneration the cost of providing any staff, facilities, accountancy services or other professional supervision for the Land, such cost shall be a direct charge on the Management Funds.
The Manager’s Remuneration shall be paid by the Owners monthly in advance on the first day of every calendar month by reference to the total budgeted Management Expenses with adjustment to be made at the end of each financial year when the total Management Expenses are ascertained.
The amount of each deduction shall be the amount which would be payable as Manager’s Remuneration in the Financial Year if the Estimated Management Expenses were the actual Management Expenses incurred in the Financial Year divided by the total number of months in that Financial Year.