NZ CO (AS THE CASE MAY BE) TO THE POSITION THEY WOULD HAVE BEEN IN
(AFTER ALLOWING FOR AUSTRALIAN GST OR NEW ZEALAND GST IF APPLICABLE) IF ALL OF
THE FUNDS UNDER MANAGEMENT IN EVERY EXISTING MANDATE, OTHER THAN THE PARTS OF
THE FUNDS UNDER MANAGEMENT IN THE NMFM AUSTRALIA MANDATES AND NMFM NEW
11
ZEALAND MANDATES LISTED IN SCHEDULE 6, THAT IS NOT TRANSFERRED HAD BEEN
TRANSFERRED.
6
DETERMINATION OF VALUE OF FUNDS UNDER MANAGEMENT
For the purposes of this deed, wherever it is necessary to determine the value
of funds under management, this is done in Australian currency or New Zealand
currency (as appropriate) and in accordance with the valuation methods
applicable in determining fees under the terms of the relevant mandates.
7
GST ADJUSTMENTS MADE IN CALCULATION OF FEES
Australian GST Adjustments
7.1
FOR THE PURPOSES OF CLAUSES 2.3, 2.8, 3.3 AND 3.8, A FEE EARNED BY
ACM IN RELATION TO ACM MANDATES AND NMFM AUSTRALIA IN RELATION TO NMFM AUSTRALIA
MANDATES IS CALCULATED:
(a)
on an Australian GST-exclusive basis, if under the relevant
mandate, the fee was increased on or after 1 July 2000 by an amount on account
of Australian GST; or
(b)
on an Australian GST-inclusive basis, if the Australian GST in
respect of the supply (ie 1/11th of the consideration for the supply) is
recovered by way of an expense by ACM or NMFM Australia (whichever is
appropriate) under an expense recovery or indemnity mechanism; or
(c)
if the fee is in respect of a supply that does not attract
Australian GST, the fee will not be affected by sub-paragraphs (a) and (b) of
this clause.
New Zealand GST Adjustments
7.2
IF NECESSARY, APPROPRIATE ADJUSTMENTS WILL BE MADE WITH THE OBJECT
OF ENSURING THAT THE FEE ARRANGEMENTS ARE NEW ZEALAND GST NEUTRAL.
8
TIMING AND METHOD OF PAYMENT OF FEES AND ADJUSTMENT PAYMENTS
When fees are paid?
8.1
THE FEES PAYABLE UNDER CLAUSES 2, 3 AND 4 AND AMOUNTS ON ACCOUNT
OF AUSTRALIAN GST OR ANY NEW ZEALAND GST IN CONNECTION WITH THOSE FEES PAYABLE
UNDER CLAUSES 10 AND 11 ACCRUE MONTHLY AND ARE TO BE PAID WITHIN 30 DAYS OF THE
END OF EACH FEE PERIOD.
When are adjustment payments paid?
8.2
ADJUSTMENT AMOUNTS PAYABLE UNDER CLAUSE 5 ACCRUE AND ARE PAYABLE
AT THE SAME TIME AS FEES ACCRUE AND ARE PAYABLE UNDER CLAUSES 2, 3 AND 4.
Method of payment
8.3
THE FEES PAYABLE UNDER CLAUSES 2, 3 AND 4 AND THE ADJUSTMENT
AMOUNTS (IF ANY) PAYABLE UNDER CLAUSE 5 ARE PAYABLE IN CASH IN SUCH MANNER AS IS
AGREED BETWEEN THE PARTIES.
12
Currency of payment
8.4
FEES AND ADJUSTMENT PAYMENTS PAYABLE TO AUS CO ARE PAID IN
AUSTRALIAN CURRENCY.
8.5
FEES AND ADJUSTMENT PAYMENTS PAID TO NZ CO ARE PAID IN NEW ZEALAND
CURRENCY.
9
APPROXIMATION AND VERIFICATION OF PAYMENTS
Approximation of payments
9.1
THE PARTIES RECOGNISE THAT IT MAY BE IMPRACTICAL TO DETERMINE THE
FEES PAYABLE UNDER CLAUSES 2, 3 AND 4 AND THE ADJUSTMENT PAYMENTS