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Except for those expenses assumed by the Fund as provided in section (b) below, the Manager shall bear all of the Fund\u2019s expenses including, but not limited to: custodian fees; transfer agent fees; pricing costs (including the daily calculation of net asset value); accounting fees; legal fees (except extraordinary litigation expenses); expenses of shareholders\u2019 and/or trustees\u2019 meetings; bookkeeping expenses related to shareholder accounts; insurance charges; cost of printing and mailing shareholder reports and proxy statements; costs of printing and mailing registration statements and updated prospectuses to current shareholders; and the fees of any trade association of which the Fund is a member. The Manager agrees that neither it nor any Service Provider will make any separate charge to any shareholder or his individual account for any services rendered to said shareholder or the Fund unless such charge for special services is specifically approved by the Board including a majority of the trustees who are not \u201cinterested persons\u201d (as such term is defined in the 1940 Act) of the Manager (the \u201cdisinterested trustees\u201d). 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The Manager shall have the complete right, power and discretion to operate and control the affairs of the Company, including the power and authority to bind the Company and otherwise to act for and on behalf of the Company.", "size": 17, "hash": "1fe7f6843d558036dd7c98728f53c703", "id": 2}, {"samples": [{"hash": "5w0qeKkJE2I", "uri": "/contracts/5w0qeKkJE2I#the-manager", "label": "Class a 1 Note Purchase Agreement (Wendy's Co)", "score": 29.043806076, "published": true}, {"hash": "jpdQsUOo2HP", "uri": "/contracts/jpdQsUOo2HP#the-manager", "label": "Note Purchase Agreement (Planet Fitness, Inc.)", "score": 27.5475692749, "published": true}], "snippet_links": [{"key": "the-administrative-agent", "type": "definition", "offset": [39, 63]}, {"key": "lender-party", "type": "definition", "offset": [73, 85]}, {"key": "date-of-this-agreement", "type": "definition", "offset": [96, 118]}, {"key": "as-of-the-closing-date", "type": "clause", "offset": [120, 142]}, {"key": "each-advance", "type": 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materiality or Material Adverse Effect, in all respects as of the date originally made, as of the date hereof and as of the Closing Date (unless stated to relate solely to an earlier date, in which case such representations and warranties were true and correct in all material respects as of such earlier date).", "size": 10, "hash": "fb424d5f2824968b3595124ee7004f44", "id": 4}, {"samples": [{"hash": "iINut9nCKhK", "uri": "/contracts/iINut9nCKhK#the-manager", "label": "Management Agreement", "score": 29.7917194366, "published": true}, {"hash": "6BY3snYegHV", "uri": "/contracts/6BY3snYegHV#the-manager", "label": "Management Agreement", "score": 29.4851341248, "published": true}, {"hash": "8iqUoVehU7y", "uri": "/contracts/8iqUoVehU7y#the-manager", "label": "Management Agreement", "score": 29.1840229034, "published": true}], "snippet_links": [{"key": "the-bylaws", "type": "clause", "offset": [80, 90]}, {"key": "of-the-corporation", "type": "clause", "offset": [91, 109]}, {"key": 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Be courteous and respond to telephone calls and e-mails in a timely fashion in order to allow the manager to fulfill his or her important role.", "size": 9, "hash": "db25676376a54dcb527b825dbca192d9", "id": 7}, {"samples": [{"hash": "dCG8ABeFPjo", "uri": "/contracts/dCG8ABeFPjo#the-manager", "label": "Operating Agreement (ADPI Fund I, LLC)", "score": 33.9664611816, "published": true}, {"hash": "1Ah2PtEVCnD", "uri": "/contracts/1Ah2PtEVCnD#the-manager", "label": "Operating Agreement (ADPI Fund I, LLC)", "score": 33.8104057312, "published": true}, {"hash": "1tlPI9MbGHv", "uri": "/contracts/1tlPI9MbGHv#the-manager", "label": "Operating Agreement (ADPI Fund I, LLC)", "score": 33.5119781494, "published": true}], "snippet_links": [{"key": "company-assets", "type": "definition", "offset": [40, 54]}, {"key": "other-duties", "type": "definition", "offset": [71, 83]}, {"key": "the-act", "type": "clause", "offset": [112, 119]}, {"key": "the-company-must", "type": "clause", "offset": [121, 137]}, {"key": "at-all-times", "type": "definition", "offset": [143, 155]}, {"key": "no-other-person", "type": "clause", "offset": [178, 193]}, {"key": "authority-to-act", "type": "clause", "offset": [218, 234]}, {"key": "agreement-or", "type": "definition", "offset": [287, 299]}, {"key": "as-required-by-law", "type": "clause", "offset": [300, 318]}, {"key": "the-obligations-of-the-company", "type": "clause", "offset": [369, 399]}, {"key": "initial-manager", "type": "clause", "offset": [405, 420]}, {"key": "the-company-shall", "type": "clause", "offset": [424, 441]}], "snippet": "The Manager shall manage and administer Company Assets and perform all other duties prescribed for a manager by the Act. The Company must have at all times at least one Manager. No other Person shall have any right or authority to act for or bind the Company except as permitted in this Agreement or as required by law. The Manager shall have no personal liability for the obligations of the Company. The initial Manager of the Company shall be ADPI Capital, LLC.", "size": 9, "hash": "3642864d2ddf9a0ab55bef53d9b6df8a", "id": 8}, {"samples": [{"hash": "jp2NcbVa45P", "uri": "/contracts/jp2NcbVa45P#the-manager", "label": "Class a 1 Note Purchase Agreement (Wingstop Inc.)", "score": 35.9240264893, "published": true}, {"hash": "5vnt84WoFCO", "uri": "/contracts/5vnt84WoFCO#the-manager", "label": "Note Purchase Agreement (Dine Brands Global, Inc.)", "score": 33.6105422974, "published": true}], "snippet_links": [{"key": "the-administrative-agent", "type": "definition", "offset": [39, 63]}, {"key": "lender-party", "type": "definition", "offset": [73, 85]}, {"key": "no-manager-termination-event", "type": "clause", "offset": [91, 119]}, {"key": "representation-and-warranty", "type": "definition", "offset": [170, 197]}, {"key": "transaction-document", "type": "definition", "offset": [216, 236]}, {"key": "series-of-notes", "type": "definition", "offset": [293, 308]}, {"key": "the-series", 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"offset": [2615, 2655]}, {"key": "contemplated-hereby", "type": "clause", "offset": [2704, 2723]}, {"key": "approval-of", "type": "definition", "offset": [2748, 2759]}, {"key": "notice-to", "type": "definition", "offset": [2775, 2784]}, {"key": "the-registration", "type": "clause", "offset": [2789, 2805]}, {"key": "any-other-person", "type": "definition", "offset": [2845, 2861]}, {"key": "other-action", "type": "definition", "offset": [2905, 2917]}, {"key": "in-respect-of", "type": "definition", "offset": [2918, 2931]}, {"key": "governmental-authority", "type": "clause", "offset": [2937, 2959]}], "snippet": "The Manager hereby represents and warrants, and the delivery by the Manager of each Confirmation shall constitute the further representation and warranty of the Manager, that:\n(a) The Manager is a corporation duly organized and validly existing and in good standing under the laws of Delaware.\n(b) the Manager has all requisite authority to enter into this Agreement and to perform all the obligations required to be performed by it hereunder;\n(c) neither the execution and delivery by the Manager of this Agreement, nor the consummation of any of the Transactions herein contemplated, nor compliance with the terms and provisions hereof, will (i) materially contravene or conflict with the articles of incorporation or bylaws of the Manager, any requirement of law to which the Manager is subject, or any indenture, mortgage, deed of trust, or other agreement or instrument to which the Manager is a party or by which the Manager may be bound, or to which the property of the Manager may be subject, or (ii) result in the creation or imposition of any lien on the property of the Manager;\n(d) this Agreement is the legal, valid and binding obligation of the Manager, enforceable against the Manager in accordance with its terms;\n(e) there is no material fact relevant to the transactions contemplated by this Agreement (and in the case of each Confirmation, there is no material fact relevant to the Transaction set forth in such Confirmation) known to the Manager that the Manager has not disclosed to EPK;\n(f) the Manager is not (and in the case of each Confirmation, to the knowledge of the Manager after due inquiry, neither the Purchaser nor the Vendor thereunder is) in default under any loan agreement, mortgage, security agreement or other material agreement or obligation to which it is a party or by which any of its property is bound;\n(g) there are no material actions, suits or legal, equitable, arbitration or administrative proceedings pending, or to the knowledge of the Manager threatened, against the Manager (and in the case of each Confirmation, to the knowledge of the Manager after due inquiry, there are no material actions, suits or legal, equitable, arbitration or administrative proceedings pending, or threatened, against the Purchaser or the Vendor thereunder);\n(h) all tax returns required to be filed by the Manager in any jurisdiction have been filed and all taxes, assessments, fees and other governmental charges upon the Manager or upon any of its properties, income or franchises have been paid prior to the time that such taxes could give rise to a lien thereon;\n(i) neither the execution and delivery of this Agreement nor the consummation of any of the transactions contemplated hereby requires the consent or approval of, the giving of notice to, or the registration, recording or filing by the Manager or any other Person of any document with, or the taking of any other action in respect of, any Governmental Authority which has jurisdiction over the Manager (or, in the case of each Confirmation, the Purchaser or the Vendor thereunder) or any of its property;", "size": 8, "hash": "cfb6140828e4bdbc2b4cb2cbed8fb17e", "id": 10}], "next_curs": "ClQSTmoVc35sYXdpbnNpZGVyY29udHJhY3RzcjALEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2IhR0aGUtbWFuYWdlciMwMDAwMDAwYQyiAQJlbhgAIAA=", "clause": {"parents": [["allocation-of-charges-and-expenses", "Allocation of Charges and Expenses"], ["representations-and-warranties", "Representations and Warranties"], ["management", "Management"], ["powers-and-manager", "Powers and Manager"], ["the-manager", "The Manager"]], "children": [["resignation", "Resignation"], ["accuracy-of-information", "Accuracy of Information"], ["organization-and-good-standing", "Organization and Good Standing"], ["due-execution-and-delivery", "Due Execution and Delivery"], ["no-manager-termination-event", "No Manager Termination Event"]], "size": 412, "title": "The Manager", "id": "the-manager", "related": [["the-advisor", "The Advisor", "The Advisor"], ["manager", "Manager", "Manager"], ["property-manager", "Property Manager", "Property Manager"], ["services-of-the-manager", "Services of the Manager", "Services of <strong>the Manager</strong>"], ["foreign-custody-manager", "Foreign Custody Manager", "Foreign Custody Manager"]], "related_snippets": [], "updated": "2026-07-04T05:45:54+00:00", "also_ask": ["What key powers and limitations should be expressly defined for the Manager?", "How can the Manager\u2019s removal or replacement be structured to protect all parties?", "What fiduciary duties and liability standards must be addressed to avoid ambiguity?", "How does this Manager clause compare to industry norms or statutory defaults?", "What are the main enforceability risks if the Manager acts outside their authority?"], "drafting_tip": "Specify the Manager\u2019s authority, duties, and reporting obligations to prevent misunderstandings and ensure accountability.", "explanation": "The \"The Manager\" clause defines the role, authority, and responsibilities of the individual or entity designated as the manager within an agreement or organization. Typically, this clause outlines the manager's powers to make decisions, oversee operations, and act on behalf of the parties or the entity, such as entering into contracts, managing assets, or handling day-to-day affairs. By clearly specifying the manager's scope of authority and duties, this clause ensures clarity in governance and helps prevent disputes over decision-making or operational control."}, "json": true, "cursor": ""}}