{"component": "clause", "props": {"groups": [{"samples": [{"hash": "8Gv2LRaES99", "uri": "/contracts/8Gv2LRaES99#incentive-fee", "label": "Investment Advisory Agreement (HPS Corporate Lending Fund)", "score": 34.4962348938, "published": true}, {"hash": "duYMpUIfxO", "uri": "/contracts/duYMpUIfxO#incentive-fee", "label": "Investment Advisory Agreement (HPS Corporate Lending Fund)", "score": 33.9048614502, "published": true}, {"hash": "iglkIPEMzxQ", "uri": "/contracts/iglkIPEMzxQ#incentive-fee", "label": "Investment Advisory Agreement (HPS Corporate Lending Fund)", "score": 32.4921302795, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [0, 17]}, {"key": "consist-of", "type": "clause", "offset": [23, 33]}, {"key": "a-portion", "type": "definition", "offset": [161, 170]}, {"key": "based-on", "type": "clause", "offset": [195, 203]}, {"key": "a-percentage", "type": "definition", "offset": [204, 216]}, {"key": "incentive-fee-on-pre", "type": "clause", "offset": [335, 355]}, {"key": "incentive-fee-net-investment-income", "type": "clause", "offset": [356, 391]}, {"key": "the-context", "type": "clause", "offset": [553, 564]}, {"key": "dollar-value", "type": "definition", "offset": [586, 598]}, {"key": "rate-of-return", "type": "definition", "offset": [617, 631]}, {"key": "value-of-the-fund", "type": "definition", "offset": [639, 656]}, {"key": "net-assets", "type": "clause", "offset": [659, 669]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [670, 687]}, {"key": "preceding-quarter", "type": "definition", "offset": [698, 715]}, {"key": "interest-income", "type": "definition", "offset": [722, 737]}, {"key": "dividend-income", "type": "definition", "offset": [739, 754]}, {"key": "other-income", "type": "clause", "offset": [763, 775]}, {"key": "other-fees", "type": "definition", "offset": [791, 801]}, {"key": "managerial-assistance", "type": "clause", "offset": [833, 854]}, {"key": "consulting-fees", "type": "definition", "offset": [917, 932]}, {"key": "portfolio-companies", "type": "definition", "offset": [975, 994]}, {"key": "calendar-quarter", "type": "clause", "offset": [1015, 1031]}, {"key": "operating-expenses", "type": "definition", "offset": [1050, 1068]}, {"key": "the-management-fee", "type": "clause", "offset": [1104, 1122]}, {"key": "expenses-payable", "type": "definition", "offset": [1124, 1140]}, {"key": "administration-agreement", "type": "clause", "offset": [1151, 1175]}, {"key": "interest-expense", "type": "clause", "offset": [1185, 1201]}, {"key": "credit-facilities", "type": "definition", "offset": [1217, 1234]}, {"key": "outstanding-debt", "type": "clause", "offset": [1238, 1254]}, {"key": "dividends-paid", "type": "definition", "offset": [1259, 1273]}, {"key": "outstanding-preferred-shares", "type": "definition", "offset": [1292, 1320]}, {"key": "but-excluding", "type": "clause", "offset": [1322, 1335]}, {"key": "shareholder-servicing-fees", "type": "clause", "offset": [1378, 1404]}, {"key": "in-the-case", "type": "clause", "offset": [1464, 1475]}, {"key": "deferred-interest", "type": "clause", "offset": [1498, 1515]}, {"key": "original-issue-discount", "type": "definition", "offset": [1533, 1556]}, {"key": "debt-instruments", "type": "definition", "offset": [1558, 1574]}, {"key": "with-pay", "type": "definition", "offset": [1575, 1583]}, {"key": "accrued-income", "type": "definition", "offset": [1630, 1644]}, {"key": "realized-capital-gains", "type": "definition", "offset": [1756, 1778]}, {"key": "realized-capital-losses", "type": "definition", "offset": [1780, 1803]}, {"key": "capital-appreciation", "type": "definition", "offset": [1818, 1838]}, {"key": "for-purposes-of", "type": "clause", "offset": [1856, 1871]}, {"key": "calculation-methodology", "type": "definition", "offset": [1938, 1961]}, {"key": "total-return-swaps", "type": "definition", "offset": [1980, 1998]}, {"key": "if-the-fund", "type": "definition", "offset": [2002, 2013]}, {"key": "referenced-assets", "type": "definition", "offset": [2024, 2041]}, {"key": "hurdle-rate", "type": "definition", "offset": [2234, 2245]}, {"key": "return-of", "type": "clause", "offset": [2250, 2259]}, {"key": "the-fund-will", "type": "clause", "offset": [2297, 2310]}, {"key": "the-adviser", "type": "definition", "offset": [2315, 2326]}, {"key": "in-arrears", "type": "definition", "offset": [2354, 2364]}, {"key": "with-respect-to-the-fund", "type": "clause", "offset": [2365, 2389]}, {"key": "no-incentive", "type": "clause", "offset": [2479, 2491]}, {"key": "dollar-amount", "type": "clause", "offset": [2699, 2712]}], "snippet": "The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund\u2019s income and a portion is based on a percentage of the Fund\u2019s capital gains, each as described below.\n(i) Incentive Fee on Pre-Incentive Fee Net Investment Income. The portion based on the Fund\u2019s income is based on Pre-Incentive Fee Net Investment Income Returns. \u201cPre-Incentive Fee Net Investment Income Returns\u201d means, as the context requires, either the dollar value of, or percentage rate of return on the value of the Fund\u2019s net assets at the end of the immediate preceding quarter from, interest income, dividend income and any other income (including any other fees (other than fees for providing managerial assistance), such as commitment, origination, structuring, diligence and consulting fees or other fees that the Fund receives from portfolio companies) accrued during the calendar quarter, minus the Fund\u2019s operating expenses accrued for the quarter (including the management fee, expenses payable under the Administration Agreement, and any interest expense or fees on any credit facilities or outstanding debt and dividends paid on any issued and outstanding preferred shares, but excluding the incentive fee and any distribution or shareholder servicing fees). Pre-Incentive Fee Net Investment Income Returns include, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with pay-in-kind interest and zero coupon securities), accrued income that the Fund has not yet received in cash. Pre-Incentive Fee Net Investment Income Returns do not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Fund\u2019s Pre-Incentive Fee Net Investment Income, the calculation methodology will look through total return swaps as if the Fund owned the referenced assets directly. Pre-Incentive Fee Net Investment Income Returns, expressed as a rate of return on the value of the Fund\u2019s net assets at the end of the immediate preceding quarter, is compared to a \u201churdle rate\u201d of return of 1.25% per quarter (5.0% annualized). The Fund will pay the Adviser an incentive fee quarterly in arrears with respect to the Fund\u2019s Pre-Incentive Fee Net Investment Income Returns in each calendar quarter as follows: \u2022 no incentive fee based on Pre-Incentive Fee Net Investment Income Returns in any calendar quarter in which the Fund\u2019s Pre-Incentive Fee Net Investment Income Returns do not exceed the hurdle rate of 1.25%; \u2022 100% of the dollar amount of the Fund\u2019s Pre-Incentive Fee Net Investment Income Returns with respect to that portion of such Pre-Incentive Fee Net Investment Income hurdle rate but is less than a rate of return of 1.43% (5.72% annualized). This is referred to as Pre-Incentive Fee Net Investment Income Returns (which exceeds the hurdle rate but is less than 1.43%) as the \u201ccatch-up\u201d; and", "size": 34, "hash": "7a8b6977b4808b6542b52e4b31e88b02", "id": 5}, {"samples": [{"hash": "3WBsrrWXjSn", "uri": "/contracts/3WBsrrWXjSn#incentive-fee", "label": "Merger Agreement (Sierra Income Corp)", "score": 29.6187534332, "published": true}, {"hash": "1fE8xYvvW0s", "uri": "/contracts/1fE8xYvvW0s#incentive-fee", "label": "Merger Agreement (Medley Capital Corp)", "score": 29.6187534332, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [0, 17]}, {"key": "incentive-fee-on-income", "type": "clause", "offset": [69, 92]}, {"key": "incentive-fee-on-capital-gains", "type": "clause", "offset": [105, 135]}, {"key": "incentive-fee-net-investment-income", "type": "clause", "offset": [245, 280]}, {"key": "in-arrears", "type": "definition", "offset": [317, 327]}, {"key": "calendar-quarter", "type": "clause", "offset": [350, 366]}, {"key": "the-investment-advisory-agreement", "type": "clause", "offset": [380, 413]}, {"key": "in-effect", "type": "definition", "offset": [417, 426]}, {"key": "this-agreement", "type": "clause", "offset": [431, 445]}, {"key": "the-fee", "type": "clause", "offset": [461, 468]}, {"key": "date-of", "type": "clause", "offset": [514, 521]}, {"key": "be-calculated-as-follows", "type": "clause", "offset": [603, 627]}, {"key": "the-pre", "type": "clause", "offset": [720, 727]}, {"key": "return-to", "type": "definition", "offset": [792, 801]}, {"key": "net-assets", "type": "clause", "offset": [843, 853]}, {"key": "at-the-end-of-the", "type": "clause", "offset": [854, 871]}, {"key": "preceding-fiscal-quarter", "type": "definition", "offset": [884, 908]}, {"key": "preferred-return", "type": "clause", "offset": [925, 941]}, {"key": "equal-to", "type": "definition", "offset": [1072, 1080]}, {"key": "interest-income", "type": "definition", "offset": [1598, 1613]}, {"key": "dividend-income", "type": "definition", "offset": [1615, 1630]}, {"key": "other-income", "type": "clause", "offset": [1639, 1651]}, {"key": "operating-expenses", "type": "definition", "offset": [1695, 1713]}, {"key": "base-management-fee", "type": "clause", "offset": [1745, 1764]}, {"key": "to-the-company", "type": "definition", "offset": [1783, 1797]}, {"key": "interest-expense", "type": "clause", "offset": [1819, 1835]}, {"key": "dividends-paid", "type": "definition", "offset": [1840, 1854]}, {"key": "outstanding-preferred-stock", "type": "definition", "offset": [1873, 1900]}, {"key": "but-excluding", "type": "clause", "offset": [1902, 1915]}, {"key": "realized-capital-gains", "type": "definition", "offset": [1996, 2018]}, {"key": "realized-capital-losses", "type": "definition", "offset": [2020, 2043]}, {"key": "capital-appreciation", "type": "definition", "offset": [2058, 2078]}, {"key": "each-calendar-year", "type": "definition", "offset": [2230, 2248]}, {"key": "aggregate-amount", "type": "definition", "offset": [2463, 2479]}, {"key": "cumulative-basis", "type": "clause", "offset": [2606, 2622]}, {"key": "unrealized-capital-depreciation", "type": "definition", "offset": [2687, 2718]}], "snippet": "The Incentive Fee will be divided into two parts: (1) a subordinated incentive fee on income, and (2) an incentive fee on capital gains. Each part of the Incentive Fee is outlined below. The subordinated incentive fee on income is earned on pre-incentive fee net investment income and shall be determined and payable in arrears as of the end of each calendar quarter during which the Investment Advisory Agreement is in effect. If this Agreement is terminated, the fee will also become payable as of the effective date of such termination. The subordinated incentive fee on income for each quarter will be calculated as follows: \u00b7 No subordinated incentive fee on income will be payable in any calendar quarter in which the pre-incentive fee net investment income does not exceed a quarterly return to stockholders of 1.75% per quarter on our net assets at the end of the immediately preceding fiscal quarter (the \u201cquarterly preferred return\u201d). \u00b7 For any quarter in which pre-incentive fee net investment income exceeds the quarterly preferred return, but is less than or equal to 2.1875% of our net assets at the end of the immediately preceding fiscal quarter (the \u201ccatch up\u201d), the subordinated incentive fee on income shall equal 100% of pre-incentive fee net investment income. \u00b7 For any quarter in which pre-incentive fee net investment income exceeds 2.1875% of our net assets at the end of the immediately preceding fiscal quarter, the subordinated incentive fee on income shall equal 20% of pre-incentive fee net investment income. \u00b7 \u201cPre-incentive fee net investment income\u201d is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Base Management Fee, expenses payable to the Company\u2019s administrator, any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. The incentive fee on capital gains will be earned on investments sold and shall be determined and payable in arrears as of the end of each calendar year during which this Agreement is in effect. If this Agreement is terminated, the fee will also become payable as of the effective date of such termination. The fee is equal to 20% of realized capital gains, less the aggregate amount of any previously paid incentive fee on capital gains. Incentive fee on capital gains is equal to realized capital gains on a cumulative basis from inception, computed net of all realized capital losses and unrealized capital depreciation on a cumulative basis.", "size": 39, "hash": "399f6972934c9a19934c27bb0ad757fb", "id": 3}, {"samples": [{"hash": "hHePL8Vmkbo", "uri": "/contracts/hHePL8Vmkbo#incentive-fee", "label": "Investment Advisory Agreement (CC Real Estate Income Fund-T2)", "score": 27.9637241364, "published": true}, {"hash": "4kZZPBKOYYa", "uri": "/contracts/4kZZPBKOYYa#incentive-fee", "label": "Investment Advisory Agreement (CC Real Estate Income Fund-T2)", "score": 27.9637241364, "published": true}, {"hash": "kOABSz5Ep9G", "uri": "/contracts/kOABSz5Ep9G#incentive-fee", "label": "Investment Advisory Agreement (NorthStar Real Estate Capital Income Fund-C)", "score": 27.043806076, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [0, 17]}, {"key": "calculated-and-payable", "type": "clause", "offset": [26, 48]}, {"key": "in-arrears", "type": "definition", "offset": [59, 69]}, {"key": "upon-the-company", "type": "definition", "offset": [76, 92]}, {"key": "incentive-fee-net-investment-income", "type": "clause", "offset": [100, 135]}, {"key": "preceding-quarter", "type": "definition", "offset": [157, 174]}, {"key": "subject-to", "type": "definition", "offset": [202, 212]}, {"key": "preferred-return", "type": "clause", "offset": [215, 231]}, {"key": "rate-of-return", "type": "definition", "offset": [290, 304]}, {"key": "adjusted-capital", "type": "definition", "offset": [308, 324]}, {"key": "beginning-of-the", "type": "clause", "offset": [351, 367]}, {"key": "calendar-quarter", "type": "clause", "offset": [392, 408]}, {"key": "interest-income", "type": "definition", "offset": [537, 552]}, {"key": "dividend-income", "type": "definition", "offset": [554, 569]}, {"key": "other-income", "type": "clause", "offset": [578, 590]}, {"key": "other-fees", "type": "definition", "offset": [606, 616]}, {"key": "managerial-assistance", "type": "clause", "offset": [648, 669]}, {"key": "consulting-fees", "type": "definition", "offset": [731, 746]}, {"key": "portfolio-companies", "type": "definition", "offset": [792, 811]}, {"key": "operating-expenses", "type": "definition", "offset": [870, 888]}, {"key": "base-management-fee", "type": "clause", "offset": [920, 939]}, {"key": "expenses-reimbursed", "type": "clause", "offset": [941, 960]}, {"key": "to-the-advisor", "type": "definition", "offset": [961, 975]}, {"key": "this-agreement", "type": "clause", "offset": [982, 996]}, {"key": "interest-expense", "type": "clause", "offset": [1005, 1021]}, {"key": "dividends-paid", "type": "definition", "offset": [1026, 1040]}, {"key": "outstanding-preferred-stock", "type": "definition", "offset": [1059, 1086]}, {"key": "but-excluding", "type": "clause", "offset": [1088, 1101]}, {"key": "expenses-and", "type": "clause", "offset": [1132, 1144]}, {"key": "in-the-case", "type": "clause", "offset": [1215, 1226]}, {"key": "deferred-interest", "type": "clause", "offset": [1249, 1266]}, {"key": "original-issue-discount", "type": "definition", "offset": [1284, 1307]}, {"key": "debt-instruments", "type": "definition", "offset": [1309, 1325]}, {"key": "accrued-income", "type": "definition", "offset": [1385, 1399]}, {"key": "the-company-has", "type": "clause", "offset": [1405, 1420]}, {"key": "realized-capital-gains", "type": "definition", "offset": [1508, 1530]}, {"key": "realized-capital-losses", "type": "definition", "offset": [1532, 1555]}, {"key": "capital-appreciation", "type": "definition", "offset": [1570, 1590]}], "snippet": "The Incentive Fee will be calculated and payable quarterly in arrears based upon the Company's \"pre-incentive fee net investment income\" for the immediately preceding quarter. The Incentive Fee will be subject to a Preferred Return (as defined below), measured quarterly and expressed as a rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 1.50% (6.0% annualized), subject to a \"catch up\" feature. For this purpose, \"pre-incentive fee net investment income\" means interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company's operating expenses for the quarter (including the base management fee, expenses reimbursed to the Advisor under this Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Organization and Offering Expenses and the Incentive Fee). Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.", "size": 33, "hash": "8295f0c5369cd11e4254c6ba1b94c043", "id": 6}, {"samples": [{"hash": "7NJ2i22xyPh", "uri": "/contracts/7NJ2i22xyPh#incentive-fee", "label": "Investment Advisory and Management Agreement (Ares Strategic Income Fund)", "score": 35.3586584531, "published": true}, {"hash": "hDvIh3jwBvW", "uri": "/contracts/hDvIh3jwBvW#incentive-fee", "label": "Investment Advisory Agreement (Guggenheim Investments Private Credit Fund)", "score": 35.3477058411, "published": true}, {"hash": "djsB7mYqYos", "uri": "/contracts/djsB7mYqYos#incentive-fee", "label": "Investment Advisory Agreement (Guggenheim Investments Private Credit Fund)", "score": 35.2080764771, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [0, 17]}, {"key": "consist-of", "type": "clause", "offset": [23, 33]}, {"key": "a-portion", "type": "definition", "offset": [161, 170]}, {"key": "based-on", "type": "clause", "offset": [195, 203]}, {"key": "a-percentage", "type": "definition", "offset": [204, 216]}, {"key": "the-fund", "type": "clause", "offset": [220, 228]}, {"key": "capital-gains", "type": "clause", "offset": [291, 304]}], "snippet": "The incentive fee will consist of two components that are independent of each other, with the result that one component may be payable even if the other is not. A portion of the incentive fee is based on a percentage of the Fund\u2019s income and a portion is based on a percentage of the Fund\u2019s capital gains, each as described below.", "size": 48, "hash": "cc7e12c19bf7c7cd274cabc68a820e47", "id": 2}, {"samples": [{"hash": "fliIc2kFjn3", "uri": "/contracts/fliIc2kFjn3#incentive-fee", "label": "Management Agreement (Colony Financial, Inc.)", "score": 24.1813831329, "published": true}, {"hash": "5AYT9TMkBqu", "uri": "/contracts/5AYT9TMkBqu#incentive-fee", "label": "Management Agreement (Colony Financial, Inc.)", "score": 23.1848049164, "published": true}, {"hash": "ielCKeXrt7b", "uri": "/contracts/ielCKeXrt7b#incentive-fee", "label": "Management Agreement (Colony Financial, Inc.)", "score": 21.0, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [4, 21]}, {"key": "in-arrears", "type": "definition", "offset": [39, 49]}, {"key": "quarterly-installments", "type": "definition", "offset": [54, 76]}, {"key": "commencing-with-the", "type": "clause", "offset": [77, 96]}, {"key": "this-agreement", "type": "clause", "offset": [114, 128]}, {"key": "days-after", "type": "definition", "offset": [226, 236]}, {"key": "fiscal-quarter", "type": "definition", "offset": [252, 266]}, {"key": "with-respect-to", "type": "clause", "offset": [267, 282]}, {"key": "a-copy-of-the", "type": "clause", "offset": [318, 331]}, {"key": "by-the-manager", "type": "clause", "offset": [350, 364]}, {"key": "directors-and", "type": "clause", "offset": [450, 463]}, {"key": "payment-of", "type": "definition", "offset": [485, 495]}, {"key": "due-and-payable", "type": "definition", "offset": [615, 630]}, {"key": "business-days", "type": "definition", "offset": [668, 681]}, {"key": "delivery-to-the", "type": "clause", "offset": [700, 715]}, {"key": "the-percentage", "type": "definition", "offset": [942, 956]}, {"key": "incentive-fee-payable", "type": "definition", "offset": [964, 985]}, {"key": "subject-to-the", "type": "definition", "offset": [1015, 1029]}, {"key": "ownership-of-common-stock", "type": "clause", "offset": [1119, 1144]}, {"key": "governing-instruments", "type": "clause", "offset": [1172, 1193]}, {"key": "after-giving", "type": "clause", "offset": [1195, 1207]}, {"key": "the-future", "type": "clause", "offset": [1319, 1329]}, {"key": "applicable-restrictions", "type": "definition", "offset": [1409, 1432]}, {"key": "federal-securities-laws", "type": "definition", "offset": [1444, 1467]}, {"key": "rules-of", "type": "definition", "offset": [1476, 1484]}, {"key": "the-nyse", "type": "clause", "offset": [1485, 1493]}, {"key": "remaining-portion", "type": "definition", "offset": [1508, 1525]}, {"key": "not-payable", "type": "definition", "offset": [1555, 1566]}, {"key": "pursuant-to-section", "type": "definition", "offset": [1593, 1612]}, {"key": "number-of-shares-of-common-stock", "type": "clause", "offset": [1663, 1695]}, {"key": "issued-to", "type": "definition", "offset": [1731, 1740]}, {"key": "equal-to", "type": "definition", "offset": [1761, 1769]}, {"key": "dollar-amount", "type": "clause", "offset": [1774, 1787]}, {"key": "divided-by", "type": "clause", "offset": [1887, 1897]}, {"key": "the-common-stock", "type": "clause", "offset": [1936, 1952]}, {"key": "securities-exchange", "type": "definition", "offset": [1968, 1987]}, {"key": "the-value", "type": "clause", "offset": [1989, 1998]}, {"key": "closing-prices", "type": "definition", "offset": [2040, 2054]}, {"key": "stock-on", "type": "definition", "offset": [2069, 2077]}, {"key": "prior-to-the", "type": "clause", "offset": [2118, 2130]}, {"key": "actively-traded", "type": "clause", "offset": [2272, 2287]}, {"key": "sales-prices", "type": "clause", "offset": [2373, 2385]}, {"key": "the-fair-market-value", "type": "clause", "offset": [2641, 2662]}, {"key": "by-the-board-of-directors", "type": "clause", "offset": [2711, 2736]}, {"key": "a-majority", "type": "clause", "offset": [2748, 2758]}, {"key": "independent-directors", "type": "definition", "offset": [2766, 2787]}, {"key": "of-the-company", "type": "clause", "offset": [2789, 2803]}, {"key": "at-any-time", "type": "clause", "offset": [2812, 2823]}, {"key": "in-connection-with", "type": "clause", "offset": [2843, 2861]}, {"key": "determination-of-the", "type": "clause", "offset": [2864, 2884]}, {"key": "determination-in-good-faith", "type": "clause", "offset": [2997, 3024]}, {"key": "five-percent", "type": "clause", "offset": [3038, 3050]}, {"key": "notice-to-the-company", "type": "definition", "offset": [3207, 3228]}, {"key": "valuation-notice", "type": "definition", "offset": [3251, 3267]}, {"key": "an-independent", "type": "clause", "offset": [3308, 3322]}, {"key": "the-valuation", "type": "clause", "offset": [3453, 3466]}, {"key": "in-the-event-the", "type": "clause", "offset": [3475, 3491]}, {"key": "select-one", "type": "clause", "offset": [3646, 3656]}, {"key": "expiration-of-the", "type": "clause", "offset": [3775, 3792]}, {"key": "day-period", "type": "definition", "offset": [3796, 3806]}, {"key": "last-appraiser", "type": "definition", "offset": [3849, 3863]}, {"key": "binding-upon", "type": "clause", "offset": [4038, 4050]}, {"key": "selection-of-the", "type": "clause", "offset": [4194, 4210]}, {"key": "the-appraisal", "type": "clause", "offset": [4243, 4256]}, {"key": "the-party", "type": "clause", "offset": [4274, 4283]}, {"key": "the-estimate", "type": "clause", "offset": [4289, 4301]}, {"key": "final-valuation", "type": "clause", "offset": [4339, 4354]}, {"key": "independent-appraisers", "type": "clause", "offset": [4376, 4398]}], "snippet": "(a) The Incentive Fee shall be payable in arrears, in quarterly installments commencing with the quarter in which this Agreement is executed. The Manager shall compute each quarterly installment of the Incentive Fee within 45 days after the end of the fiscal quarter with respect to which such installment is payable. A copy of the computations made by the Manager to calculate such installment shall thereafter promptly be delivered to the Board of Directors and, upon such delivery, payment of such installment of the Incentive Fee shown therein shall, subject in any event to Section 13(a) of this Agreement, be due and payable no later than the date which is five Business Days after the date of delivery to the Board of Directors of such computations.\n(b) Each installment of the Incentive Fee shall be payable as follows:\n(i) one hundred percent (100%) of the Incentive Fee will be payable in shares of Common Stock; provided, however, the percentage of the Incentive Fee payable in shares of Common Stock is subject to the following: (1) the ownership of such shares by the Manager does not violate the limit on ownership of Common Stock set forth in the Company\u2019s Governing Instruments, after giving effect to any waiver from such limit that the Board of Directors may grant to the Manager or its Affiliates in the future and (2) the Company\u2019s issuance of such shares to the Manager complies with all applicable restrictions under U.S. federal securities laws and the rules of the NYSE; and\n(ii) the remaining portion of the Incentive Fee that is not payable in shares of Common Stock pursuant to Section 9(b)(i), if any, will be payable in cash.\n(c) The number of shares of Common Stock payable as the Incentive Fee to be issued to the Manager will be equal to the dollar amount of the portion of the quarterly installment of the Incentive Fee payable in shares of Common Stock divided by a value determined as follows:\n(i) if the Common Stock is traded on a securities exchange, the value shall be deemed to be the average of the closing prices of the Common Stock on such exchange on the five Business Days prior to the date on which the quarterly installment of the Incentive Fee is paid;\n(ii) if the Common Stock is not traded on a securities exchange but is actively traded over-the-counter, the value shall be deemed to be the average of the closing bids or sales prices, as applicable, on the five Business Days prior to the date on which the quarterly installment of the Incentive Fee is paid; and\n(iii) if the Common Stock is neither traded on a securities exchange nor actively traded over-the-counter, the value shall be the fair market value thereof, as reasonably determined in good faith by the Board of Directors (including a majority of the Independent Directors) of the Company.\n(d) If at any time the Manager shall, in connection with a determination of the value of the Common Stock made by the Board of Directors pursuant to Section 9(c)(iii) hereof, (i) dispute such determination in good faith by more than five percent (5%), and (ii) such dispute cannot be resolved between the Independent Directors and the Manager within 10 Business Days after the Manager provides written notice to the Company of such dispute (the \u201cValuation Notice\u201d), then the matter shall be resolved by an independent appraiser of recognized standing selected jointly by the Independent Directors and the Manager within not more than 20 days after the Valuation Notice. In the event the Independent Directors and the Manager cannot agree with respect to such selection within the aforesaid 20 day time-frame, the Independent Directors shall select one such independent appraiser and the Manager shall select one independent appraiser within five Business Days after the expiration of the 20 day period, with one additional such appraiser (the \u201cLast Appraiser\u201d) to be selected by the appraisers so designated within five Business Days after their selection. Any valuation decision made by the Last Appraiser shall be deemed final and binding upon the Board of Directors and the Manager and shall be delivered to the Manager and the Board of Directors within not more than 15 days after the selection of the Last Appraiser. The expenses of the appraisal shall be paid by the party with the estimate which deviated the furthest from the final valuation decision made by the independent appraisers.", "size": 36, "hash": "19b54f3ae954e490a1f5be67e7576528", "id": 4}, {"samples": [{"hash": "jjBvIey0950", "uri": "/contracts/jjBvIey0950#incentive-fee", "label": "Development Agreement (Carematrix Corp)", "score": 18.0, "published": true}, {"hash": "ln63chBr1oD", "uri": "/contracts/ln63chBr1oD#incentive-fee", "label": "Development Agreement (Carematrix Corp)", "score": 16.0, "published": true}, {"hash": "llM7fEMb3LR", "uri": "/contracts/llM7fEMb3LR#incentive-fee", "label": "Development Agreement (Carematrix Corp)", "score": 16.0, "published": true}], "snippet_links": [{"key": "in-the-event", "type": "clause", "offset": [0, 12]}, {"key": "actual-costs", "type": "definition", "offset": [22, 34]}, {"key": "development-and-construction-of-the-project", "type": "clause", "offset": [43, 86]}, {"key": "project-costs", "type": "definition", "offset": [115, 128]}, {"key": "fifty-percent", "type": "definition", "offset": [183, 196]}, {"key": "to-the-developer", "type": "clause", "offset": [232, 248]}], "snippet": "In the event that the actual costs for the development and construction of the Project are less than the Projected Project Costs (such difference being referred to as the \"Savings\"), fifty percent (50%) of the Savings shall be paid to the Developer as an incentive fee.", "size": 56, "hash": "ce5fd3aa2327d61254d3e4e8e85bb694", "id": 1}, {"samples": [{"hash": "v6bHTCkRl1", "uri": "/contracts/v6bHTCkRl1#incentive-fee", "label": "Limited Liability Company Agreement (PNC Alternative Strategies TEDI Fund LLC)", "score": 22.4921283722, "published": true}, {"hash": "dme9juEXjPM", "uri": "/contracts/dme9juEXjPM#incentive-fee", "label": "Limited Liability Company Agreement (PNC Long-Short TEDI Fund LLC)", "score": 22.4921283722, "published": true}, {"hash": "dM4AHSpHwRU", "uri": "/contracts/dM4AHSpHwRU#incentive-fee", "label": "Limited Liability Company Agreement (PNC Alternative Strategies Fund LLC)", "score": 22.4921283722, "published": true}], "snippet_links": [{"key": "fee-paid", "type": "clause", "offset": [4, 12]}, {"key": "the-manager", "type": "definition", "offset": [16, 27]}, {"key": "at-the-end-of", "type": "clause", "offset": [28, 41]}, {"key": "fiscal-year", "type": "definition", "offset": [47, 58]}, {"key": "incentive-period", "type": "clause", "offset": [90, 106]}, {"key": "performance-of-the-company", "type": "clause", "offset": [150, 176]}, {"key": "the-incentive-fee", "type": "clause", "offset": [178, 195]}, {"key": "equal-to", "type": "definition", "offset": [209, 217]}, {"key": "each-member", "type": "definition", "offset": [225, 236]}, {"key": "net-profits", "type": "definition", "offset": [239, 250]}, {"key": "loss-carryforward-amount", "type": "clause", "offset": [278, 302]}, {"key": "incentive-fees", "type": "definition", "offset": [327, 341]}], "snippet": "The fee paid to the Manager at the end of each Fiscal Year and accrued at the end of each Incentive Period (as defined below) which is based upon the performance of the Company. The Incentive Fee is an amount equal to 10% of each Member\u2019s Net Profits in excess of such Member\u2019s Loss Carryforward Amount (before any accruals of Incentive Fees).", "size": 32, "hash": "cfb3686cfacb477480c4f780cb7a9084", "id": 7}, {"samples": [{"hash": "7iJnEoZ87yF", "uri": "/contracts/7iJnEoZ87yF#incentive-fee", "label": "Business Management Agreement", "score": 31.3408622742, "published": true}, {"hash": "gwJAfqsTRWM", "uri": "/contracts/gwJAfqsTRWM#incentive-fee", "label": "Business Management Agreement (Industrial Logistics Properties Trust)", "score": 29.0465431213, "published": true}, {"hash": "azCLAvTq0zc", "uri": "/contracts/azCLAvTq0zc#incentive-fee", "label": "Business Management Agreement (RMR Group Inc.)", "score": 29.0465431213, "published": true}], "snippet_links": [{"key": "the-management-fee", "type": "clause", "offset": [15, 33]}, {"key": "the-manager", "type": "definition", "offset": [35, 46]}, {"key": "annual-incentive-fee", "type": "clause", "offset": [64, 84]}, {"key": "equal-to", "type": "definition", "offset": [153, 161]}, {"key": "the-product", "type": "clause", "offset": [186, 197]}, {"key": "equity-market-capitalization", "type": "definition", "offset": [209, 237]}, {"key": "a-percentage", "type": "definition", "offset": [290, 302]}, {"key": "total-return-per-share", "type": "definition", "offset": [317, 339]}, {"key": "relevant-measurement-period", "type": "definition", "offset": [370, 397]}, {"key": "benchmark-return-per-share", "type": "definition", "offset": [429, 455]}, {"key": "adjusted-benchmark", "type": "definition", "offset": [482, 500]}, {"key": "if-applicable", "type": "definition", "offset": [538, 551]}, {"key": "low-return-factor", "type": "definition", "offset": [608, 625]}, {"key": "in-the-case", "type": "clause", "offset": [642, 653]}, {"key": "for-purposes-of-this-agreement", "type": "clause", "offset": [698, 728]}], "snippet": "In addition to the Management Fee, the Manager shall be paid an annual incentive fee (the \u201cIncentive Fee\u201d), not in excess of the Cap (as defined below), equal to twelve percent (12%) of the product of (a) the Equity Market Capitalization (as defined below) and (b) the amount (expressed as a percentage) by which the Total Return Per Share (as defined below) during the relevant Measurement Period (as defined below) exceeds the Benchmark Return Per Share (as defined below) or the Adjusted Benchmark Return Per Share (as defined below), if applicable, for the relevant Measurement Period, as reduced by the Low Return Factor, if applicable, in the case of the Adjusted Benchmark Return Per Share. For purposes of this Agreement:", "size": 23, "hash": "be695608077771796ab51ea96f6a439b", "id": 10}, {"samples": [{"hash": "8q0Jl65zWim", "uri": "/contracts/8q0Jl65zWim#incentive-fee", "label": "Investment Advisory and Administrative Services Agreement (Terra Income Fund 6, Inc.)", "score": 30.7262153625, "published": true}, {"hash": "3IltYHDfMeZ", "uri": "/contracts/3IltYHDfMeZ#incentive-fee", "label": "Investment Advisory and Administrative Services Agreement (Terra Income Fund 6, Inc.)", "score": 28.3278579712, "published": true}, {"hash": "9HzEApt23VM", "uri": "/contracts/9HzEApt23VM#incentive-fee", "label": "Investment Advisory and Administrative Services Agreement (Terra Income Fund 6, Inc.)", "score": 24.3579730988, "published": true}], "snippet_links": [{"key": "the-incentive-fee", "type": "clause", "offset": [0, 17]}, {"key": "consist-of", "type": "clause", "offset": [24, 34]}, {"key": "incentive-fee-on-income", "type": "clause", "offset": [111, 134]}, {"key": "calculated-and-payable", "type": "clause", "offset": [146, 168]}, {"key": "in-arrears", "type": "definition", "offset": [179, 189]}, {"key": "based-on", "type": "clause", "offset": [190, 198]}, {"key": "the-company", "type": "definition", "offset": [199, 210]}, {"key": "incentive-fee-net-investment-income", "type": "clause", "offset": [218, 253]}, {"key": "preceding-quarter", "type": "definition", "offset": [275, 292]}, {"key": "payment-of-the", "type": "clause", "offset": [298, 312]}, {"key": "subject-to", "type": "definition", "offset": [359, 369]}, {"key": "return-to", "type": "definition", "offset": [393, 402]}, {"key": "rate-of-return", "type": "definition", "offset": [452, 466]}, {"key": "adjusted-capital", "type": "definition", "offset": [470, 486]}, {"key": "beginning-of-the", "type": "clause", "offset": [513, 529]}, {"key": "calendar-quarter", "type": "clause", "offset": [554, 570]}], "snippet": "The Incentive Fee shall consist of two parts, as follows:\n(i) The first part, referred to as the \u201cSubordinated Incentive Fee on Income,\u201d shall be calculated and payable quarterly in arrears based on the Company\u2019s \u201cPre-Incentive Fee Net Investment Income\u201d for the immediately preceding quarter. The payment of the Subordinated Incentive Fee on Income shall be subject to payment of a preferred return to investors each quarter, expressed as a quarterly rate of return on Adjusted Capital (as defined below) at the beginning of the most recently completed calendar quarter, of 2.0% (8.0% annualized), subject to a \u201ccatch up\u201d feature (as described below).", "size": 28, "hash": "c69abab958b569e47bebb6a56990fb12", "id": 8}, {"samples": [{"hash": "lqsWaXkQgQI", "uri": "/contracts/lqsWaXkQgQI#incentive-fee", "label": "Advisory Agreement (Price Fund I Lp)", "score": 16.0, "published": true}, {"hash": "jOFBOXgjEHZ", "uri": "/contracts/jOFBOXgjEHZ#incentive-fee", "label": "Advisory Agreement (Price Fund I Lp)", "score": 16.0, "published": true}, {"hash": "hN3bewbqjXO", "uri": "/contracts/hN3bewbqjXO#incentive-fee", "label": "Advisory Agreement (Price Fund I Lp)", "score": 16.0, "published": true}], "snippet_links": [{"key": "to-pay", "type": "clause", "offset": [14, 20]}, {"key": "quarterly-incentive-fee", "type": "clause", "offset": [31, 54]}, {"key": "new-high-trading-profits", "type": "definition", "offset": [76, 100]}, {"key": "calendar-quarter", "type": "clause", "offset": [119, 135]}, {"key": "the-day", "type": "definition", "offset": [241, 248]}, {"key": "this-agreement", "type": "clause", "offset": [249, 263]}, {"key": "fees-accrued", "type": "clause", "offset": [287, 299]}, {"key": "at-the-time", "type": "definition", "offset": [368, 379]}], "snippet": "Client agrees to pay Advisor a quarterly incentive fee consisting of 20% of New High Trading Profits, if any, for each calendar quarter. This incentive fee accrues and shall be made payable upon the close of each calendar quarter (and as of the day this Agreement terminates). Incentive fees accrued on funds withdrawn from Client's account are deemed due and payable at the time of withdrawal.", "size": 27, "hash": "d9ce87ea203e9be8584cd05a202105ff", "id": 9}], "next_curs": "ClYSUGoVc35sYXdpbnNpZGVyY29udHJhY3RzcjILEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhZpbmNlbnRpdmUtZmVlIzAwMDAwMDBhDKIBAmVuGAAgAA==", "clause": {"parents": [["compensation-of-the-adviser", "Compensation of the Adviser"], ["fees", "Fees"], ["compensation", "Compensation"], ["remuneration", "Remuneration"], ["compensation-of-the-advisor", "Compensation of the Advisor"]], "size": 1148, "children": [["incentive-fee-based-on-capital-gains", "Incentive Fee Based on Capital Gains"], ["incentive-fee-on-pre-incentive-fee-net-investment-income", "Incentive Fee on Pre-Incentive Fee Net Investment Income"], ["capital-gains-incentive-fee", "Capital Gains Incentive Fee"], ["calculation-of-incentive-fee", "Calculation of Incentive Fee"], ["income-incentive-fee", "Income Incentive Fee"]], "title": "Incentive Fee", "id": "incentive-fee", "related": [["performance-fee", "Performance Fee", "Performance Fee"], ["subordinated-incentive-fee", "Subordinated Incentive Fee", "Subordinated <strong>Incentive Fee</strong>"], ["management-fee", "Management Fee", "Management Fee"], ["incentive-payment", "Incentive Payment", "Incentive Payment"], ["incentive-payments", "Incentive Payments", "Incentive Payments"]], "related_snippets": [], "updated": "2026-05-15T04:24:17+00:00"}, "json": true, "cursor": ""}}