Appointment and Initial Operating Manager; Authorization of Payments to Operating Manager Sample Clauses

Appointment and Initial Operating Manager; Authorization of Payments to Operating Manager. (a) As set forth in the Operating Agreement, the Company and each Series hereby designates Apollo Manager, LLC, a Delaware limited liability company and a wholly owned subsidiary of Apollo, as the initial Operating Manager. (b) In consideration for the services to be provided by the Operating Manager hereunder and under the Operating Agreement, the Company and each Series is hereby authorized to pay to the Operating Manager the applicable Management Fee and Performance Fee. In addition to the Management Fee and the Performance Fee, the Company and each Series is authorized to pay all other costs and expenses of its operations, including compensation of its Directors (other than those affiliated with the Operating Manager), custodial expenses, leveraging expenses, transfer agent expenses, legal fees, expenses of independent auditors, expenses of its periodic repurchases, expenses of preparing, printing and distributing prospectuses, shareholder reports, notices, proxy statements and reports to governmental agencies and taxes, if any.