Examples of Subordinated Base Management Fee in a sentence
The Hotel Subordinated Base Management Fee is paid in all circumstances when the actual Operating Profit exceeds the projected Operating Profit.) Commencing on the first day of the sixth (6th) full Fiscal Year after the Management Commencement Date, the $500,000.00 difference threshold amount shall be adjusted annually ( and for each subsequent Fiscal Year) by the Consumer Price Index and any such adjustment shall be stated in the Annual Operating Projection for the related Fiscal Year.
Notwithstanding the other terms, covenants and conditions of this Agreement, if Manager shall be required to incur a cost in excess of Five Thousand and No/100 Dollars ($5,000) in any calendar year to comply with its obligations under this Section 8.17, all such costs in excess of Five Thousand and No/100 Dollars ($5,000) shall be disregarded as an Operating Expense in calculating NOI for purposes of calculating the Incentive Management Fee and Subordinated Base Management Fee.
The Hotel Subordinated Base Management Fee and Conference Center Subordinated Base Management Fee shall be paid to Management Company at such time as the Annual Operating Statement for the Hotel Facility and Conference Center Facility for the applicable Fiscal Year is approved by Owners as provided in Section 9.01.
Excluding Management Company's right to receive payment of the Hotel Base Management Fee, Hotel Subordinated Base Management Fee, Conference Center Base Management Fee, and Conference Center Subordinated Base Management Fee, this Agreement and all of the rights and benefits of Management Company hereunder are, and shall be subject and subordinate to any Qualified Loan(s) which now or hereafter encumber the Hotel Facility and/or Conference Center Facility.
The Incentive Management Fee shall be considered an Operating Expense, but shall be excluded when computing the Incentive Management Fee and Subordinated Base Management Fee.
In no event shall Subordinated Base Management Fee be paid from sources other than cash flow resulting from NOI above the Minimum Threshold Return.