Compensation to the Manager. The Manager shall be entitled to compensation (the “Management Fee”) for its services as manager of the Trust as set forth in the Prospectus.
Compensation to the Manager. The Manager, as a Management Fee, shall be reimbursed for its overhead costs and expenses related to managing the Hotels. If Manager manages more hotels than the Hotels contemplated by this Agreement, then Manager shall charge each hotel managed, including Hotels, its pro rata share of all overhead expenses, which include but are not limited to: wages of employees and officers, including the salary of Xxxxx X. Xxxxxxxxxxx; rent; legal; accounting; insurance; and travel expenses. In no event will the annualized Management Fee exceed four and one-half percent (4.5%) of annual gross revenues of the Hotels. Such Management Fee shall be paid to Manager on a monthly basis. Any expenses for services that would customarily be handled by a hotel property, such as bookkeeping, and expenses that are paid for third party services, such as accounting and legal services, shall be paid directly by the Hotels or Owner or shall be reimbursed to the Manager and shall not be included in the four and one-half percent of gross revenue cap.
Compensation to the Manager. The Manager shall be entitled to receive as full compensation for the services rendered a fee determined as follows: Minimum fee $2,000 Up to $100 million in market value 5 basis points Next $150 million in market value 3 basis points Over $250 million in market value 2 basis points Net Account Assets shall be defined as the market value of all securities under the Manager’s supervision in the accounts as reported on the quarterly investment statements, less a working capital credit of $1,000,000.00 (one million) and, credit for 100% of the cost of investments in mortgage guaranty tax and loss bonds. The annual fee will be calculated and paid in quarterly installments. Fees are subject to review and re-negotiation on an annual basis.
Compensation to the Manager. The Manager shall receive from the relevant Series a management fee at an annual rate of one and one-quarter percent (1.25%) for the Class A-1 Unleveraged Series, one and one-half percent (1.5%) for the Class A Unleveraged Series, one-quarter percent (.25%) for the Class B-1 Unleveraged Series, one-half percent (0.5%) for the Class B Unleveraged Series, one and sixty five-one hundredths percent (1.65%) for the Class A-1 Leveraged Series, two and eight-tenths percent (2.80%) for the Class A Leveraged Series, sixty five-one hundredths percent (0.65%) for the Class B-1 Leveraged Series and one and three-tenths percent (1.3%) for the Class B Leveraged Series based upon the Net Asset Value of the relevant Series, determined and paid as of the first day of each calendar month. The Manager shall, in its capacity as an Interest Holder, be entitled to receive allocations and distributions pursuant to the provisions of this Trust Agreement.
2. A new Section 11.1(f) shall be added to the Trust Agreement to read in its entirety as follows:
Compensation to the Manager. THE OWNER AGREES to and with the Manager as follows to the Manager;
Compensation to the Manager. The Contractor’s registered representatives shall receive from the Company a payout according to Schedule A of this Agreement, which is attached hereto and incorporated herein by reference. The Company shall furnish the Contractor with an itemized statement showing the commission owed the Contractor’s registered representatives for the period covered by the statement, and an itemized accounting of all expenses deducted therefrom. The term “Monthly Gross Revenue” shall mean all commission and other revenue generated during a month through the efforts of the Contractor’s branch office personnel and received by the Company prior to the end of the production month. A “Production Month” is that period of time in which commission income is generated and remitted to the Company by its clearing agent. The Company will not be responsible for withholding any taxes from the Contractor’s employees as long as the appropriate forms are on file. The Contractor understands that The Office’s right to remuneration does not arise until such time that the Company receives confirmation of cleared funds on the commission or other revenue sources from the particular transaction effectuated by the Office. The Company’s ability to receive funds from the firm’s clearing firm will not affect the Contractor’s Registered Representative’s ability to be paid. All clearing costs and other costs of the Office paid by the Company shall be deducted from the amounts to be paid to the Contractor and shall be paid on the 15th of the following month. The Contractor’s sole remuneration under this Agreement shall be the above-mentioned commissions paid to the registered representatives and other revenues. The amount of the gross commission that the Company will receive will vary depending on the type of product or transaction involved, all of which shall be agreed upon by the Company with respect to each transaction. The Office shall not be entitled to any advance or draw on such commission.
Compensation to the Manager. The Manager shall receive from the relevant Series a management fee at an annual rate of one percent (1%) for the Unleveraged Series and two percent (2.0%) for the Enhanced Series based upon the Net Asset Value of the relevant Series, determined and paid as of the last day of each calendar month. The Manager shall, in its capacity as an Interest Holder, be entitled to receive allocations and distributions pursuant to the provisions of this Trust Agreement.
Compensation to the Manager. The Manager, as a Management Fee, shall be reimbursed for its overhead costs and expenses related to managing the Hotels. If Manager manages more hotels than the Hotels contemplated by this Agreement, then Manager shall charge each hotel managed, including Hotels, its pro rata share of all overhead expenses, which include but are not limited to: wages of employees and officers, including the salary of Xxxxx X. Xxxxxxxxxxx; rent; legal; accounting; insurance; and travel expenses. In no event will the annualized Management Fee exceed five percent (5%) of annual gross revenues. Such Management Fee shall be paid to Manager on a monthly basis. Any expenses for services that would customarily be handled by a hotel property, such as bookkeeping, and expenses that are paid for third party services, such as accounting and legal services, shall be paid directly by the Hotels or Owner or shall be reimbursed to the Manager and shall not be included in the five percent of gross revenue cap.
Compensation to the Manager. As full compensation for services rendered under this Agreement, the Manager shall be paid by the Commission quarterly, in arrears, in accordance with Schedule B of this Agreement, attached hereto and made a part hereof. Anything to the contrary notwithstanding, before any payment shall become due and payable to the Manager, the Manager shall furnish to the Commission’s Executive Director bills and vouchers in such number, form and content as the Commission may reasonably require. Upon receipt and approval of such bills and vouchers, the Manager shall be paid by check issued by the Custodian. All payments to the Manager are contingent upon satisfactory performance of the terms and conditions of this Agreement. The Commission reserves the right to withhold or offset against any funds payable to the Manager for any invoice for which the Commission asserts a discrepancy exists or for the Manager’s failure to satisfactorily perform the terms of this Agreement, as determined solely by the Commission. The Manager may submit any information it deems appropriate to assist the Commission in such determination, and shall submit any information requested by the Commission deemed appropriate by the Commission to make such determination. The Manager shall submit its final invoice for the Agreement not more than thirty (30) days from completion of the services under this Agreement. The Manager shall not be compensated on the basis of a share of capital gains or capital appreciation (or capital depreciation) of the assets of the Fund.
Compensation to the Manager. The Manager, as a Management Fee, shall be reimbursed for its overhead costs and expenses related to managing the Hotel. If Manager manages more than one hotel, then Manager shall charge each hotel managed, including Hotel, its pro rata share of all overhead expenses, which include but are not limited to: wages of employees and officers, rent, legal, accounting, insurance, and travel. In no event will the annualized Management Fee exceed four percent (4%) of annual Gross Revenues. Such Management Fee shall be paid to Manager on a monthly basis. Any expenses for services that would customarily be handled by the hotel property, such as bookkeeping, and expenses that are paid for third party services, such as accounting and legal services, shall be paid directly by the Hotel or Owner or shall be reimbursed to the Manager and shall not be included in the four percent of Gross Revenues cap.
