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FRASERS HOSPITALITY TRUST ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL PERIOD FROM 20 JUNE 2014 (DATE OF CONSTITUTION) TO 30 SEPTEMBER 2015
1.
GENERAL (CONT’D)
(b)(ii) Acquisition fee and divestment fee payable to the MIT Manager (cont’d)
(iii)
the sale price of any investment sold or divested by MIT Australia, whether directly or
indirectly through one or more special purpose vehicles, in any debt securities of any
property corporation or other special purpose vehicle owning or acquiring real estate or
any debt securities which are secured whether directly or indirectly by the rental income
from real estate; and
The MIT Manager will also be entitled to be reimbursed for certain expenses properly incurred in relation
to performance of its role under the Investment Management Agreements. Except for the development
management fee (which may only be paid in cash), the MIT Manager’s fees may be paid out of the trust’s
income or capital, or by an issue of Stapled Securities, or by a combination of these sources as elected
by the MIT Trustee subject to and in accordance with the direction of the REIT Manager and the Trustee-
Manager.
For the avoidance of doubt, the base fee, performance fee, acquisition fee, divestment fee and
development management fee payable to the REIT Manager shall be reduced by the amount of the
relevant fee payable to the MIT Manager.
(c)
Kobe Asset Manager’s management fees
Pursuant to the Asset Management Agreement for Kobe Excellence TMK, the Kobe Asset Manager is
entitled to an annual management fee of Japanese Yen (“JPY”) 14.0 million (exclusive of consumption
tax), payable quarterly in arrears.
(d)
Asset-Based Securities (“ABS”) Servicer fees
Pursuant to the ABS Servicing Agreement for Notable Vision Sdn. Bhd, a Servicer Fee (exclusive of
applicable service tax or goods and services tax (“GST”)), of Malaysian Ringgit (“MYR”) 360,000 per annum,
is payable in arrears on a semi-annual basis to the REIT Manager for the provision of its services as
Servicer.
(e)
FH-REIT Trustee’s fees
Pursuant to the FH-REIT Trust Deed, the FH-REIT Trustee’s fee is charged to a scaled basis of up to 0.015%
per annum of the value of the FH-REIT Deposited Property, subject to a minimum of SGD 15,000 per
month, excluding out-of-pocket expenses and GST.
The FH-REIT Trustee’s fees are payable monthly in arrears.
(f)
MIT’s and MIT Sub-Trustee’s fees
Pursuant to the Investment Management Agreements, the MIT Trustee’s fees and MIT Sub-trustee’s fees
are Australian Dollars (“AUD”) 55,000 per annum and AUD 15,000 per annum per sub-trust respectively,
excluding out-of-pocket expenses and GST. As there are three MIT Sub-trusts
, the aggregate fee payable
to the MIT Sub-trustee for the three MIT Sub-trusts is AUD 45,000 per annum.
The Trustee’s fees and the MIT Sub-trustee’s fees are payable quarterly in arrears. The fees are adjustable
yearly by reference to the Australian Consumer Price Index.
(g)
Tokutei Mokuteki Kaisha (“TMK”) Trustee’s fees
The TMK Trustee’s fee is JPY 5.4 million per annum and payable quarterly in arrears.
(h)
Malaysian Bond Trustee’s fees
The Malaysian Bond Trustee’s fee is MYR 60,000 per annum and payable in advance on an annual basis.
