Collection of Management Fees. The Operators shall have the right to collect for themselves the Management Fees and Reimbursables from any of the Bank Accounts at the time such amounts are payable. If at any time the payment, in whole or in part, of the Management Fees or any Reimbursables is not permitted or is otherwise subject to any restriction against payment by any Loan Document, until such time as such payments are permitted to be made in full to the Operators, such unpaid amounts shall accrue interest from the date such payments are required to be made until the date such payments are actually made at a rate per annum equal to 12 1/4 %, compounded daily and calculated on the basis of a 360-day year.
Collection of Management Fees. The Client hereby expressly authorizes the Custodian, the Manager, or any Sub-Adviser to directly withdraw the Manager's Management Fee from the Client Accounts on a monthly basis. The Client shall instruct the Custodian to send the Client a statement, at least quarterly, indicating all amounts disbursed from the Client Account including the amount of the Management Fee paid directly to the Manager or Sub-Adviser and to provide a copy of each such statement to the Manager. The monthly Management Fee shall be due and payable immediately upon receipt of the bill from the Manager. Partial months that occur at the beginning and end of this Agreement shall be prorated based upon the number of days in the month that the Managed Assets are managed by the Manager. If the Client Accounts do not have sufficient funds, or are restricted from direct withdrawal (e.g., 401(k) plan assets), the Client agrees to pay the Manager directly with personal funds. The Client acknowledges that the Management Fee due to the Manager on behalf of multiple Client Accounts pursuant to this Agreement and management fees due to the Manager in respect of any related accounts governed under a different agreement but affiliated with Client, as listed on Exhibit B hereto (each, a "Grouped Account"), may be aggregated and the total fee deducted, in whole or in part, from any such Grouped Account, with the Management Fee calculated on the basis of the total assets in the Grouped Account.
