COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee equal to .5 of 1% of the average daily closing value of the net assets of each Series of the Fund computed on a daily basis. Such fee shall be adjusted and payable monthly. If this Agreement shall be effective for only a portion of a year, then the Management Company's compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
(b) For each of the Fund's full fiscal years this Agreement remains in force, the Management Company agrees that if total annual expenses of each Series of the Fund, exclusive of interest and taxes and extraordinary expenses (such as litigation), but inclusive of the Management Company's compensation, exceed any expense limitation imposed by state securities law or regulation in any state in which shares of the Fund are then qualified for sale, as such regulations may be amended from time to time, the Management Company will contribute to such Series such funds or to waive such portion of its fee, adjusted monthly, as may be requisite to insure that such annual expenses will not exceed any such limitation. If this contract shall be effective for only a portion of one of the Series' fiscal years, then the maximum annual expenses shall be prorated for such portion. Brokerage fees and commissions incurred in connection with the purchase or sale of any securities by a Series shall not be deemed to be expenses within the meaning of this paragraph (b)". (Amended March 27, 1987)
COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee equal to .75 percent of the average daily closing value of the net assets of Series A, Series B, Series E, Series S, Series J, AND SERIES K of the Fund, .50 percent of the average daily closing value of the net assets of Series C of the Fund and 1.00 percent of the average daily closing value of the net assets of Series D, SERIES M, SERIES N AND SERIES O of the Fund, computed on a daily basis. Such fee shall be adjusted and payable monthly. If this Agreement shall be effective for only a portion of a year, then the Management Company's compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee equal to .75 percent of the average daily closing value of the net assets of Series A, Series B, Series E and Series S of the Fund, .50 percent of the average daily closing value of the net assets of Series C of the Fund and 1.00 percent of the average daily closing value of the net assets of Series D of the Fund, computed on a daily basis. Such fee shall be adjusted and payable monthly. If this Agreement shall be effective for only a portion of a year, then the Management Company's compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Series shall pay the Management Company an annual fee computed on a daily basis equal to 0.50 percent of the average daily closing value of the net assets of Series C of the Fund, 0.75 percent of the average daily closing value of the net assets of Series A, Series B, Series E, Series H, Series J, Series P, Series S, Series V, and Series Y of the Fund, 1.00 percent of the average daily closing value of the net assets of Series D, Series G, Series N, Series O, Series Q, Series T, Series W and Series X of the Fund, and 1.10 percent of the average daily closing value of the net assets of Series I of the Fund. Such fee shall be adjusted and payable monthly. As compensation for the investment advisory services to be rendered to Series Z, Series Z shall pay the Management Company a fee as described in paragraphs 5(b) and 5(c) below. If this Agreement shall be effective for only a portion of a year, then the Management Company's compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
COMPENSATION OF MANAGEMENT COMPANY a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee computed on a daily basis equal to .50 percent of the average daily closing value of the net assets of Series C of the Fund, .75 percent of the average daily closing value of the net assets of Series A, Series B, Series E, Series H, Series J, Series K, Series P, Series S, Series V, and Series Y of the Fund, 1.00 percent of the average daily closing value of the net assets of Series D, Series G, Series L, Series M, Series N, Series O, Series Q, Series T, Series W and Series X of the Fund, and 1.10 percent of the average daily closing value of the net assets of Series I of the Fund. Such fee shall be adjusted and payable monthly. If this Agreement shall be effective for only a portion of a year, then the Management Company's compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund's shares as described in the Fund's prospectus.
COMPENSATION OF MANAGEMENT COMPANY. DISTRIBUTIONS -------------------------------------------------
COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee equal to .75 percent of the average daily closing value of the net assets of Series A, Series B, Series E, Series S, Series J, Series K, AND SERIES P of the Fund, .50 percent of the average daily closing value of the net assets of Series C of the Fund
COMPENSATION OF MANAGEMENT COMPANY. 5.01 Management Fees and System Fee ------------------------------
A. In consideration of services to be performed during the term of this Agreement, Management Company shall, subject to the provisions of this Article V, be paid the Base Management Fee and the Incentive Management Fee to cover services which benefit all Fairfield Inn properties operated by Management Company, are performed by personnel not normally located at the Inn and are not Chain Services (whether or not such services are obtained from Management Company's employees or through third party contractors). Such services include but are not limited to corporate and divisional executive management, divisional financial services (excluding certain accounting services included as "Chain Services"), corporate accounting services, manpower planning, recruiting and hiring for all Fairfield Inn management positions, management training for Management Company operated inns, regional management and administrative services, services of Management Company's technical and operational experts making periodic inspection and consultation visits to the Inns (excluding visits for personnel of the Architectural and Construction division of the Management Company or its affiliates). [Page missing] Base Management Fee for such Fiscal Year (or all Accounting Periods to date in such Fiscal Year) that is required to be paid currently shall be reduced by the amount of the shortfall in Owner's Net Cash Flow (and such reduction shall be made before any reduction of Ground Rent as a result of the operation of Section 4.02(d) of the Ground Leases); provided, however, that such reduction in the Base Management Fee shall not exceed an amount equal to (a) the maximum available amount remaining under the Development Fee Adjustment mechanism at the time of its expiration pursuant to Section 2.10 of the Purchase Agreement (but in no event greater than $8,000,000), minus (b) the total amount of Base Management Fees and Ground Rent that is not paid currently during such four (4) Fiscal Year period as a result of the operation of this Section 5.01D and Section 4.02(d) of the Ground Leases, respectively. Within forty (40) days after the end of each Fiscal Year, Owner and Management Company shall make any necessary adjustments in the amount of Base Management Fee reductions required hereunder based upon the entire Fiscal Year. Any Base Management Fees which are not paid currently as a result of the operation of this Section 5.0...
COMPENSATION OF MANAGEMENT COMPANY. (a) As compensation for the services to be rendered by the Management Company as provided for herein, for each of the years this Agreement is in effect, the Fund shall pay the Management Company an annual fee equal to 0.60 percent of the average daily net assets of High Yield Series and 0.50 percent of the average daily net assets of Intermediate Bond Series and the Municipal Income Series. Such fee shall be adjusted and payable monthly. If this Agreement shall be effective for only a portion of a year, then the Management Company’s compensation for said year shall be prorated for such portion. For purposes of this Section 5, the value of the net assets of each such Series shall be computed in the same manner at the end of the business day as the value of such net assets is computed in connection with the determination of the net asset value of the Fund’s shares as described in the Fund’s prospectus.
COMPENSATION OF MANAGEMENT COMPANY. DISTRIBUTIONS -------------------------------------------------
5.01 Management Fees ---------------
A. In consideration of services to be performed during the Term of this Agreement, Management Company shall retain the Management Fees. Owner's Priority and the Management Fees shall be appropriately prorated for any partial Fiscal Year.
B. Notwithstanding the provisions of Article IX of this Agreement permitting the consolidation of reports and co-mingling of certain funds with other hotels owned by Owner, the Base Management Fee, Deferred Contingent Base Management Fees, Residence Inn System Fee and Incentive Management Fee shall be calculated based on the revenues generated by the Inn and not on a consolidated basis with any other hotels which may be owned by Owner.
