Additional Management Compensation definition
Additional Management Compensation means the compensation payable by the University to the Manager as contemplated in Section 9(b) of the Stakeholder Rights Agreement and designed to compensate the Manager for those expenses of the Manager that are incurred by the Manager in the performance of its obligations under this Agreement that are broader management obligations than the Manager’s prior management obligations in respect of the MacEwan Building and which are not specifically included as an Allocated Cost, but which compensation shall be fixed, as the Commencement Date, in the sum of Seventy Five Thousand Dollars ($75,000.00) per year together with a CPI Increase. The University acknowledges that for the first Annual Budget under this Agreement, the sum of Seventy Five Thousand ($75,000.00) Dollars shall be payable to the Manager as the Additional Management Compensation on the basis of the estimated additional expenses to be incurred by the Manager in respect of: (i) cost of increased financial reporting obligations to the JLC as required pursuant to Article 7; (ii) costs relating to the administration of the Rental Account and the co-ordination of the annual auditing of the MacEwan Building statement of operations by the MacEwan Building Auditors in accordance with Section 6.7; and (iii) supervision and administration costs and costs of increased systems supports required to comply with obligations in respect of Third Party Tenant liaison, Tenant committees and surveys, the provision of Caretaking Services and Repairs and Maintenance for the MacEwan Building. Such Additional Management Compensation amount shall not be increased except by way of a CPI Increase, and shall only be reduced in future Annual Budgets to the extent that any such additional expenses are no longer being incurred by the Manager and there are no new additional expenses being reasonably incurred by the Manager in the performance of its obligations hereunder as shall be reported by the Manager to the JLC in accordance with its annual operations report pursuant to Section 7.4 and as reviewed and ultimately determined, if necessary, by the JLC based upon such operations report. In conjunction with the setting of each Annual Budget, the Additional Management Compensation for the forthcoming Fiscal Year shall be included therein and shall be the Additional Management Compensation Amount paid during the prior Fiscal Year, subject only to the applicable CPI Increase and any change as determined by the JLC in accordance ...
Additional Management Compensation means all management fees, charges, commissions and other compensation, in the aggregate, payable to Manager pursuant to the Management Agreement that in the aggregate exceeds three percent (3.0%) of the Gross Income from Operations of the Property. “Affiliate” shall mean, as to any Person, any other Person that, directly or indirectly, is in control of, is controlled by or is under common control with such Person or is a director or officer of such Person or of an Affiliate of such Person. Such term shall include Guarantor unless otherwise specified or if the context may otherwise require. “Affiliated Manager” shall mean any property manager which is an Affiliate of Borrower, Principal, or Guarantor, or in which Borrower, Principal, or Guarantor has, directly or indirectly, any legal, beneficial or economic interest. “ALTA” shall mean American Land Title Association, or any successor thereto. “Alteration Threshold” shall mean an amount equal to five percent (5%) of the outstanding principal balance of the Loan. “AML Laws” shall have the meaning set forth in Section 4.1.45 hereof. “Annual Budget” shall mean the operating budget, including all planned capital expenditures, for the Property prepared by Borrower for the applicable Fiscal Year or other period. “Applicable Interest Rate” shall mean 4.30% per annum. “Applicable Laws” shall mean all existing and future federal, state and local laws, orders, ordinances, governmental rules and regulations and court orders. “Appraisal” shall mean an appraisal prepared in accordance with the requirements of FIRREA and USPAP, prepared by an independent third party appraiser holding an MAI designation, who is State licensed or State certified if required under the laws of the State where the Property is located, who meets the requirements of FIRREA and USPAP and who is otherwise satisfactory to Lender. “Approved Accountant” shall mean (i) ▇▇▇▇▇, ▇▇▇▇▇▇▇▇ + Co. LLP, (ii) a “Big Four” accounting firm or (iii) other independent certified public accountant acceptable to Lender. “Approved Bank” shall mean a commercial bank with a long term debt obligation rating of AA or better (or a comparable long term debt obligation rating) as assigned by the Rating Agencies and otherwise reasonably satisfactory to Lender. “Approved Annual Budget” shall have the meaning set forth in Section 5.1.10(e) hereof. “Approved Extraordinary Expense” shall mean an operating expense of the Property not set forth on the Approved Annual Budget but a...
Additional Management Compensation has the meaning ascribed in Section 17.7;
Examples of Additional Management Compensation in a sentence
In addition, the University shall pay to the Manager a quarterly amount within thirty (30) days of the end of such quarter for the Additional Management Compensation based on the estimate thereof as determined in accordance with Section 17.7. At the end of each Fiscal Year, the actual amounts of all Allocated Costs and Allocated Recoveries shall be calculated as shall the Pro Rata Share of the Shared Costs payable by each of the University and the Students’ Union.
The calculation and mechanics of payment of the Additional Management Compensation are as set out in Section 17.7.
In no event shall the management fees under the Management Agreement exceed, in the aggregate, five percent (5%) of the Gross Income from Operations, provided that during the continuance of any Event of Default or any Trigger Period, no Additional Management Compensation shall be paid by Borrower to Manager.
Further, the actual amounts of Additional Management Compensation shall be determined in accordance with the provisions of Section 17.7. Any necessary adjustments shall be made as between the Manager and the University within forty five (45) days of finalization of such amounts.