Common use of First-Tier Management Compensation Clause in Contracts

First-Tier Management Compensation. For services rendered under this Agreement, the Company shall pay to the Advisor monthly in arrears commencing on the Effective Date annual first-tier management compensation equal to 1% of the first $200,000,000 of Average Invested Assets during each fiscal year, plus 0.8% of the Average Invested Assets during such year in excess of $200,000,000 (the “First-Tier Management Compensation”). The portion of the First-Tier Management Compensation payable each month shall be calculated by the Advisor within 15 days after the end of such month, and a written statement documenting such calculation in reasonable detail shall be promptly delivered to the Company thereafter. The Company shall pay any amount payable pursuant to this Section 6.1 for such month within 15 days after the receipt of the written statement setting forth the computation of the First-Tier Management Compensation, or, at the Advisor’s election, the Advisor may deduct such amount from the Company’s account or accounts, in any case without demand, deduction, offset or delay (other than any deduction or offset for the liquidated sum of any Advisor Refund).

First-Tier Management Compensation. For services rendered under this Agreement, the Company shall pay to the Advisor monthly quarterly in arrears commencing on the Effective Date annual first-tier management compensation equal to 1% of the first $200,000,000 of Average Invested Assets during each fiscal year, plus 0.8% of the Average Invested Assets during such year in excess of $200,000,000 (the “First-Tier Management Compensation”). The portion of the First-Tier Management Compensation payable each month fiscal quarter shall be calculated by the Advisor within 15 days after the end of such monthquarter, and a written statement documenting such calculation in reasonable detail shall be promptly delivered to the Company thereafter. The Company shall pay any amount payable pursuant to this Section 6.1 for such month quarter within 15 days after the receipt of the written statement setting forth the computation of the First-Tier Management Compensation, or, at the Advisor’s election, the Advisor may deduct such amount from the Company’s account or accounts, in any case without demand, deduction, offset or delay (other than any deduction or offset for the liquidated sum of any Advisor Refund).