Compensation to Manager and Affiliates. The Company will compensate the Manager as follows for services rendered to or on behalf of the Company:
Compensation to Manager and Affiliates. The Company or the Series will compensate the Manager and/or Affiliates as follows, for services rendered to or on behalf of the Company and each Series, which fees may be waived, deferred, or assigned:
Compensation to Manager and Affiliates. The LLC will compensate the Manager as follows for services rendered to or on behalf of the LLC:
Compensation to Manager and Affiliates. The Company will compensate SIC as follows for services rendered to or on behalf of the Company:
(a) Asset Management Fee. SIC shall earn an annual asset management fee (“Asset Management Fee”) of One and Three-Quarters of One Percent (1.75%) of Net Assets Under Management, calculated and payable monthly. The Asset Management Fee will typically be paid on the last day of each calendar month with respect to the Net Assets Under Management as of last day of such month.
Compensation to Manager and Affiliates. The LLC will compensate the Manager as follows for services rendered to or on behalf of the LLC:
(a) Loan origination fees (“points”), loan application and processing fees, underwriting fees, document preparation fees, escrow fees, disbursement fees, warehousing fees, administration fees and other similar charges are paid to the Manager, an Affiliate, or third party.
(b) If the LLC purchases an existing loan from a third party, the Manager or Affiliate will be paid a fee comparable to a loan origination fee. This fee will not exceed the discount received by the LLC for the purchase of said loan and the loan terms and conditions will be comparable or better than those for originating loans.
(c) The Manager or Affiliate may have a real estate sales department or business affiliate that may handle the resale of properties taken back in foreclosure by the LLC. If the Manager or Affiliate elects to act as the listing agent, its compensation shall not exceed the prevailing rate in the area where the real property is located. As to out of state property, a local state real estate broker will be employed by the LLC and paid the prevailing commission.
(d) The Manager, Affiliate, or third party servicer will supervise the servicing of loans owned by the LLC. This consists of billing and collecting loans owned by the LLC. Such servicer's compensation (not including attorneys’ fees, foreclosure fees and court costs, if needed) will be:
(1) One-Twelfth (1/12th) of one percent (1%) of the total assets of the LLC, payable monthly from payments received by the LLC from the borrowers and shall be calculated based on the total assets of the LLC as of the 1st of each month.
(2) One-Twelfth (1/12th) of one-half percent (0.5%) to one percent (1%) of the total LLC loans, payable monthly (i.e., one-half percent (0.5%) to one percent (1%) per year) as Servicing Fee. The fee shall be collected monthly from the payments received by the LLC from the borrowers and shall be calculated based on the total assets of the LLC as of the 1st day of each month.
(e) Existing loans made throughout the United States may be purchased from the Manager, its Affiliates or third parties at (i) up to ten percent (10%) over the face value of such loans, or (ii) up to twenty percent (20%) over the face value if such loans include a prepayment penalty which, in the Manager's discretion, could be sold to a third party at such a premium, but only so long as any such loan satisfies the requirements provided...
Compensation to Manager and Affiliates. The LLC will compensate the Manager as follows for services rendered to or on behalf of the LLC:
(a) Management Fee to Manager, Affiliate or Third Party. The Manager, Affiliate or third party will manage the performing loans, non-performing loans and REOs owned by the LLC, including billing and collecting loans owned by the LLC. Such compensation (not including attorneys’ fees, foreclosure fees and court costs, if needed) will be One Twelfth (1/12th) of two percent (2%) of the total assets of the LLC, payable monthly (i.e. two percent (2%) per year) as a Management Fee.
Compensation to Manager and Affiliates. The LLC will compensate the Manager as follows for services rendered to or on behalf of the LLC:
(a) The Manager, Affiliate or third party will manage the performing loans, non-performing loans and REOs owned by the LLC, including billing and collecting loans owned by the LLC. Such compensation (not including attorneys’ fees, foreclosure fees and court costs, if needed) will be One Twelfth (1/12th) of two percent (2%) of the total assets of the LLC, payable monthly (i.e. two percent (2%) per year) as a Management Fee.
(b) The LLC will bear the cost of the annual tax preparation of the LLC’s tax returns, any state and federal income tax due, and any required independent audit reports required by agencies governing the business activities of the LLC.
(c) The LLC may pay finders fees between zero to three percent (0-3%) (“Finders Fees”).
(d) Each month, after the Members are paid an annualized six percent (6%) on their capital accounts (“Target Rate of Return”) during the respective accounting period, the remaining Net Profits, if any, will be distributed (a) 60% to the Members, and (b) 40% to the Manager as a Performance Fee. Nevertheless, the Manager has the discretion to adjust the target rate of return based on changes in the national mortgage rates and various indexes (LIBOR, Prime Rate, etc.), provided, however, that at no time shall the Target Rate of Return be less than six percent (6%) annually. The Manager has also the discretion to waive its Performance Fee.
(e) When the assets of the LLC reach Ten Million Dollars ($10,000,000), then the Manager may be reimbursed by the LLC for the LLC’s initial organizational and syndication expenses including, but not limited to, legal expenses, printing costs, selling expenses and filing fees. At the Manager’s discretion, the Manager may also be reimbursed for all other LLC expenses paid by the Manager.
(f) The definition of “Manager’s Fees” includes all of the fees described above.
(g) The Manager may, but has no obligation to, defer all or a portion of the Manager’s Fees. In such event, the Manager will be entitled to recover the deferred fees at a later time.
