Minimum Management Fee definition
Examples of Minimum Management Fee in a sentence
Such Minimum Management Fee shall apply until such time as the leaseable space of the Property is at least fifty percent (50%) leased.
Beginning January 1, 20 (insert next year or following year depending on timing of contract) and effective as of January 1 of each succeeding year during the term of this Agreement, the Minimum Management Fee shall increase by 3% per annum.
This Guaranty contains the entire agreement between Guarantor and PHC-SUB relating to the guarantying of the Minimum Management Fee by Guarantor and supersedes entirely any and all prior written or oral agreements with respect thereto; and Guarantor and PHC-SUB acknowledge that there are no contemporaneous oral agreements with respect to the subject matter hereof.
In no event shall the management fee be less than $600,000 on an annualized rate per year paid monthly ("Minimum Management Fee"); provided, however, during Phase I, the Minimum Management Fee shall be $450,000 per year.
Guarantor further agrees to pay the Applicable Percentage of all expenses (including, without limitation, reasonable attorneys' fees actually paid) paid by PHC-SUB in endeavoring to collect all or any portion of the indebtedness evidenced by the Minimum Management Fee, to enforce any other obligations guaranteed hereby, or to enforce this Guaranty.
It is understood and agreed that Operator may use and expend the proceeds of the Fixed Minimum Management Fee as determined in the sole and absolute discretion of the Board of Directors of Operator without the consent of or reporting to City.
Such Minimum Management Fee shall apply until such time as the leaseable space of the Property is at least fifty percent (50%) leased, provided, however, that subject to the approval of the Company’s independent directors, the Management Fee may be increased with respect to the management of any Property located outside of the United States.
In addition to the Fixed Executive Management Fee and the Fixed Minimum Management Fee, City shall pay to Operator an annual incentive fee (the “Incentive Fee”) in amount that shall vary based upon Operator’s ability to achieve the Weighted Incentive Fee Percentages for each Operating Year.
The Fixed Minimum Management Fee shall be paid in consideration of the management services provided by Operator hereunder, and is fully earned by Operator when paid.
No such action which PHC-SUB shall take or fail to take in connection with the Minimum Management Fee, nor any course of dealing with the Practice or any other person, shall limit, impair or release Guarantor's obligations hereunder, affect this Guaranty in any way or afford Guarantor any recourse against PHC-SUB.