Qualified Management Contract Clause Samples

A Qualified Management Contract clause defines the standards and requirements that a management agreement must meet to be considered acceptable under the terms of a broader contract, such as a loan or partnership agreement. Typically, this clause specifies criteria such as the experience and reputation of the management company, the scope of their authority, and compliance with regulatory or lender requirements. By setting these qualifications, the clause ensures that only competent and reputable managers are engaged, thereby protecting the interests of stakeholders and reducing the risk of mismanagement.
POPULAR SAMPLE Copied 1 times
Qualified Management Contract. The County and the Company acknowledge and agree that this Agreement is intended to conform to the requirements of Revenue Procedure 97-13, 1997-1 C.B. 632, and is to be interpreted consistently therewith. Notwithstanding any provisions in this Agreement to the contrary, the County and the Company agree that the County shall be under no obligation to pay, and shall not pay, compensation for services to the Company for the operation and maintenance of the Golf Course Facilities for any annual period if such payment, or any portion thereof, would (i) result in less than 80% of the Company's compensation for services for such period being based on a periodic fixed fee, or (ii) result in any portion of such compensation, in whole or in part, being based on a share of net profits, as such terms are defined in Rev. Proc. 97-13. The County and the Company agree that, for so long as tax-exempt obligations are outstanding with respect to the Golf Course Facilities, this Agreement shall not be amended or revised except with an opinion of a nationally recognized bond counsel firm that any such amendments or revisions shall not affect the tax-exempt status of any obligations outstanding with respect to the Golf Course Facilities.
View Source
Qualified Management Contract. The Parties acknowledge that this Agreement is intended to satisfy the safe harbor provisions of Internal Revenue Service Revenue Procedure 97-13, and any question of the interpretation of this Agreement shall be resolved in favor of complying with such safe harbor. Each parly represents to the other party that the Management Fee set forth in this Agreement is a reasonable fee for AOGP's management services provided under this Agreement.
View Source
Qualified Management Contract. THIS QUALIFIED MANAGEMENT CONTRACT (the “Agreement”), dated as of November 17 2014, by and between ▇▇▇▇▇▇ Sports Management, Inc., an Illinois corporation (“Company”), with offices located at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and the County of Union a body corporate and politic of the State of New Jersey, with offices located at Union County Administration Building, ▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (“County”). The County and the Company are each referred to herein individually as a “Party” and collectively, as the “Parties”.
View Source
Qualified Management Contract 
View Source

Related to Qualified Management Contract

  • Management Contracts The Recipient agrees that from the date hereof until the date on which none of the Infrastructure Bonds, of which the proceeds were used to pay or reimburse the costs of the Project, remain outstanding (the "Agreement Term"): a. The Recipient will not contract with any Private Person to manage the Project or any portion thereof unless all of the following conditions are met: (A) at least 50% of the compensation of the Private Person is based on a periodic, fixed fee that contains no incentive adjustments, and no amount of compensation is based on a share of net profits; (B) the compensation is reasonable in relation to the services performed; (C) the term of the contract does not exceed five (5) years (including any renewal option periods provided for in the contract); (D) if the term of the contract exceeds three (3) years, the Recipient is able to cancel the contract without penalty or cause at the end of each three-year period of the contract; (E) any automatic increases in the periodic, fixed fee may not exceed the percentage increases determined by an external standard set forth in the contract for computing increases; and (F) any new contract with a Private Person which is subject to this subparagraph F.2. will be subject to the requirements of (A) through (F) of this subparagraph F.2.a.; and b. If the Recipient is subject to subparagraph F.2.a. above and it enters into contracts with Private Persons described in subparagraph F.2.a., and the Governing Body of the recipient numbers five (5) or more members, no more than one (1) member of the Governing Body of the Recipient may be an employee or member of the Governing Body of the Private Person. If the Governing Body of the Recipient numbers less than five (5), no member of the Governing Body of the Recipient may be an employee or member of the Governing Body of the Private Person. Similarly, if the Governing Body of the Private Person numbers five (5) or more members, no more than one (1) of those members may be an employee or member of the Governing Body of the Recipient. However, in no event may a member or employee of both the Recipient and Private Person be the Chief Executive Officer or its equivalent of the Recipient or the Private Person. Members of the Governing Body of the Recipient may not own a controlling interest in the Private Person.

  • Property Management Agreement The Property Management Agreement is in full force and effect and, to Borrower's Knowledge, there are no defaults thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • AGREEMENT MANAGEMENT Pinellas Community Foundation designates the following person(s) as the liaison for the ▇▇▇▇▇▇ ▇▇▇▇▇▇, CEO Pinellas Community Foundation

  • Management Agreement The Management Agreement is in full force and effect and there is no default thereunder by any party thereto and no event has occurred that, with the passage of time and/or the giving of notice would constitute a default thereunder.

  • Workload Management 11.1 The parties to this Agreement acknowledge that Employees and management have a responsibility to maintain a balanced workload and recognise the adverse effects that excessive workloads may have on Employee/s and the quality of resident/client care. 11.2 To ensure that Employee concerns involving excessive workloads are effectively dealt with by Management the following procedures should be applied: (a) Step 1: In the first instance, Employee/s should discuss the issue with their immediate supervisor and, where appropriate, explore solutions. (b) Step 2: If a solution cannot be identified and implemented, the matter should be referred to an appropriate senior manager for further discussion. (c) Step 3: If a solution still cannot be identified and implemented, the matter should be referred to the Facility Manager for further discussion. (d) Step 4: The outcome of the discussions at each level and any proposed solutions should be recorded in writing and fed back to the effected Employees. 11.3 Workload management must be an agenda item at staff meetings on at least a quarterly basis. Items in relation to workloads must be recorded in the minutes of the staff meeting, as well as actions to be taken to resolve the workloads issue/s. Resolution of workload issues should be based on the following criteria including but not limited to: (a) Clinical assessment of residents’ needs; (b) The demand of the environment such as facility layout; (c) Statutory obligation, (including, but not limited to, work health and safety legislation); (d) The requirements of nurse regulatory legislation; (e) Reasonable workloads (such as roster arrangements); (f) Accreditation standards; and (g) Budgetary considerations. 11.4 If the issue is still unresolved, the Employee/s may advance the matter through clause 9 Dispute Resolution Procedure. Arbitration of workload management issues may only occur by agreement of the Employer and the Employee representative, which may include the union/s.