Fees; Management Fee Clause Samples
Fees; Management Fee. In consideration of the services to be performed by Manager at each of the Properties and the management consulting services to be provided by Manager to the Indian Gaming Properties, Owner shall pay to Manager (and Manager shall be entitled to retain from the results of operation of the Properties) the Base Management Fee and, if applicable, the Incentive Management Fee, payable for each Fiscal Month in arrears promptly after delivery to Owner of the Interim Statements for each Fiscal Month delivered pursuant to Section 8.1(a) below (including an invoice detailing the monthly Management Fees then due and payable) and approval by Owner’s internal auditor, provided that such payment of the Incentive Management Fee, if due and payable pursuant to this Section 5.1, shall be made not later than the date that is ten (10) days following the delivery to Owner of such Interim Statements; provided, however, that if EBITDA is negative in any Fiscal Month, the amount of negative EBITDA shall be carried forward to immediately successive Fiscal Month(s) (whether in the current or any successive Fiscal Years) and no Incentive Management Fee shall be earned for any successive Fiscal Month unless and until, and Incentive Management Fee shall be payable only to the extent that, cumulative EBITDA for all Fiscal Months from and after such Fiscal Month in which EBITDA was first negative is greater than the amount of cumulative negative EBITDA (beginning in such Fiscal Month in which EBITDA was first negative); provided, further, in no event shall Manager be required to repay any Incentive Management Fee received during Fiscal Months of positive EBITDA on account of subsequent Fiscal Months with negative EBITDA (for example, if EBITDA is positive for the first six (6) Fiscal Months following the Effective Date, but EBITDA is negative in the cumulative amount of $1,000,000 for Fiscal Months seven (7) through nine (9) following the Effective Date, and EBITDA is positive in the amount of $1,500,000 for Fiscal Month ten (10) following the Effective Date, (i) no Incentive Management Fee paid to Manager in Fiscal Months one (1) through (6) shall be repaid on account of the negative EBITDA in Fiscal Months seven (7) through nine (9), (ii) no Incentive Management Fee shall be payable to Manager for Fiscal Months seven (7) through nine (9), and (iii) an Incentive Management Fee shall be paid to Manager on EBITDA of $500,000 for Fiscal Month ten (10)). The amount of the Management Fees ...
Fees; Management Fee. 11.1 In consideration of the Operator performing its obligations under this agreement, Pub Owner shall pay the Operator as follows:
11.1.1 [twenty five per cent (25%)] [twenty seven and a half per cent (27.5%)] [thirty per cent (30%)] of the weekly Revenue ("Base Fee"); and
11.1.2 an incentive fee, calculated on the basis of twenty per cent (20%) of the Net Operating Profit for each Quarter ("Incentive Fee"), (together the "Management Fee").
11.2 Subject to the Operator complying with its obligations under this agreement, the Base Fee shall be deducted following the end of each day from the Revenue and the Operator shall, following the end of each month, issue a valid VAT invoice clearly stating the Base Fees which have been deducted from the Revenue for the specified day in that month. The balance of all receipts of any kind produced by payment in cash or by credit as a result of the Pub's operation and all of its subsidiary services will be paid to Pub Owner via the Pub Owner’s collection service within three (3) days of the end of each week.
11.3 Subject to the Operator complying with its obligations under this agreement, the Incentive Fee shall be payable quarterly in arrears either during the calendar month after the relevant Quarter Day falls or, if later, within thirty (30) days following receipt of a valid VAT invoice addressed to the Pub Owner from the Operator clearly stating the Incentive Fee payable for the relevant Quarter, subject always to the Pub Owner being satisfied with the Retail Standards Audit scores obtained in respect of the Pub.