Income Incentive Fee Sample Clauses
Income Incentive Fee. The income incentive fee is earned on pre-incentive fee net investment income of the Company. For purposes of calculating the income incentive fee, “pre-incentive fee net investment income” is defined as interest income, dividend income and any other income (including any other fees, other than fees for providing managerial assistance, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued during the calendar quarter, minus the Company’s operating expenses for the quarter (including the Base Management Fee, expenses payable to the Administrator under the Administration Agreement and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Incentive Fee and any servicing fees and/or distribution fees paid to broker dealers). Pre-inventive fee net investment income includes, in the case of investments with a deferred interest feature (such as original issue discount debt instruments with payment-in-kind (“PIK”) interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Pre-incentive fee net investment income does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. For purposes of computing the Company’s pre-incentive fee net investment income, the calculation methodology will look through total return swaps as if the Company owned the referenced assets directly. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectable in cash.
(1) Pre-incentive fee net investment income shall be compared to a “Hurdle Rate” of 1.75% per quarter (7.00% annualized). The Company shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:
(A) no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate;
(B) 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than or equal to 2.00% in any calendar quarter (8.00% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than or equal to 2.00%) is referr...
Income Incentive Fee. The income incentive fee will be calculated and payable quarterly in arrears based on the Company’s aggregate pre-incentive fee net investment income in respect of (1) for the quarter ending March 31, 2024 (the “First Calendar Quarter”), the First Calendar Quarter and (2) commencing with the quarter ending June 30, 2024, the current calendar quarter and the eleven preceding calendar quarters (or the appropriate portion thereof in the case of any of the Company’s first eleven calendar quarters that commence on or after April 1, 2024) (in either case, the “Trailing Twelve Quarters”). The Trailing Twelve Quarters will commence with the quarter ending June 30, 2024 and will be fewer than twelve calendar quarters until the quarter ending March 31, 2027. For purposes of calculating the income incentive fee, “pre-incentive fee net investment income” is defined as interest income, dividend income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Base Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred stock, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities), accrued income that the Company has not yet received in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.
(1) For the First Calendar Quarter, pre-incentive fee net investment income in respect of the First Calendar Quarter shall be compared to a hurdle rate of 1.50% (6.0% annualized). The Company shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:
(A) no incentive fee based on pre-incentive fee net investment income if the Company’s aggregate pre-incentive fee net investment income for the First Calendar Quarter does not exceed the hurdle rate;
(B) 100% of the Company’s aggregate pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the hurdle rate but is less than 1.8182% (7.2728% an...
Income Incentive Fee. The Income Incentive Fee will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the quarter. “Pre-Incentive Fee Net Investment Income” means interest income, dividend income and any other income (including any other fees, such as commitment, origination, structuring, diligence and consulting fees or other fees that the Company receives from portfolio companies) accrued by the Company and its consolidated subsidiaries during the calendar quarter, minus the Company’s and its consolidated subsidiaries’ operating expenses for the quarter (including the Management Fee, expenses payable under the Administration Agreement or hereunder, and any interest expense and dividends paid on any issued and outstanding preferred stock, but excluding the Income Incentive Fee and any Capital Gains Incentive Fee).
Income Incentive Fee. The Income Incentive Fee component is calculated quarterly in arrears based on the Pre-Incentive Fee Net Investment Income of the Corporation for the immediately preceding calendar quarter.
Income Incentive Fee. The Income Incentive Fee will be calculated and payable quarterly in arrears and equals 15.0% of the Fund’s pre-incentive fee net investment income for the immediately preceding calendar quarter. The Income Incentive Fee for each calendar quarter will be calculated as follows: ● No Income Incentive Fee will be payable in any calendar quarter in which the Fund’s Pre-Incentive Fee Net Investment Income Returns do not exceed a quarterly return to investors of 1.50% of the Fund’s net asset value for that immediately preceding calendar quarter (the “Hurdle Rate”). ● 100.0% of the Fund’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed the Hurdle Rate, but are less than or equal to 1.76% of the Fund’s net asset value for that immediately preceding calendar quarter (the “Catch-Up Rate”), will be payable to the Adviser. The Catch-Up Rate is intended to provide an incentive fee of 15.0% on all of the Fund’s Pre-Incentive Fee Net Investment Income Returns as if the Hurdle Rate did not apply when the pre-incentive fee net investment income exceeds 1.50% of the Fund’s net asset value for that calendar quarter, measured as of the end of the immediately preceding calendar quarter. ● 15.0% of the dollar amount of the Fund’s Pre-Incentive Fee Net Investment Income Returns, if any, that exceed the Catch-Up Rate, reflecting that once the Hurdle Rate is reached, 15.0% of all Pre-Incentive Fee Net Investment Income Returns thereafter are paid to the Adviser.
Income Incentive Fee. The Manager will be paid an income incentive fee (an “Income Incentive Fee”) with respect to Pre-Incentive Fee Net Income in each calendar quarter as follows, provided, however, for any period of less than three months the amount paid as an Income Incentive Fee shall be prorated to reflect such shorter period.
(i) No Income Incentive Fee in any calendar quarter in which Pre-Incentive Fee Net Income, expressed as a rate of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount is being calculated ), does not exceed 2.0% for such quarter (8.0% annualized);
(ii) 100% of Pre-Incentive Fee Net Income with respect to that portion of such Pre-Incentive Fee Net Income, if any, that expressed as a rate of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount is being calculated ), equals or exceeds 2.00% but does not exceed 2.2223% for such quarter; and
(iii) 10% of Pre-Incentive Fee Net Income with respect to that portion of such Pre-Incentive Fee Net Income, if any, that, expressed as a rate of return on the average value of the Company’s net equity capital at the end of the two most recently completed calendar quarters (including, for the avoidance of doubt, the quarter with respect to which such amount is being calculated ), exceeds 2.2223%.
Income Incentive Fee. The Income Incentive Fee will be calculated and payable quarterly in arrears based on the Pre-Incentive Fee Net Investment Income for the quarter. “Pre-Incentive
Income Incentive Fee. The income incentive fee is earned on pre-incentive fee net investment income of the Company. For purposes of calculating the income incentive fee, “pre-incentive fee net investment income” is defined as interest income, distribution income and any other income accrued during the calendar quarter, minus operating expenses for the quarter, including the Base Management Fee, expenses payable to the Administrator under the Administration Agreement, any interest expense and distributions paid on any issued and outstanding preferred units, but excluding (x) the Incentive Fee and (y) any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation. Pre-incentive fee net investment income includes, in the case of investments with a deferred interest feature (such as debt instruments with payment-in-kind (“PIK”) interest and zero coupon securities as well as any PIK distribution income), accrued income that the Company has not yet received in cash. The Adviser is not obligated to return to the Company the Incentive Fee it receives on PIK interest that is later determined to be uncollectible in cash.
(1) Pre-incentive fee net investment income shall be compared to a “Hurdle Rate” of 1.5% per quarter (6.0% annualized). The Company shall pay the Adviser an incentive fee with respect to its pre-incentive fee net investment income as follows:
(A) no incentive fee based on pre-incentive fee net investment income in any calendar quarter in which the Company’s pre-incentive fee net investment income does not exceed the Hurdle Rate;
(B) 100% of pre-incentive fee net investment income with respect to that portion of such pre-incentive fee net investment income, if any, that exceeds the Hurdle Rate but is less than 1.6393% in any calendar quarter (6.5572% annualized). This portion of the pre-incentive fee net investment income (which exceeds the Hurdle Rate but is less than 1.6393%) is referred to as the “catch-up.” The “catch-up” is meant to provide the Adviser with approximately 8.5% of the Company’s pre-incentive fee net investment income as if a Hurdle Rate did not apply if pre-incentive fee net investment income exceeds 1.6393% in any calendar quarter; and
(C) 8.5% of the pre-incentive fee net investment income, if any, that exceeds 1.6393% in any calendar quarter (6.5572% annualized), which reflects that once the Hurdle Rate is reached and the catch-up is achieved, 8.5% of all pre-incentive fee net investment income is paid to the ...
Income Incentive Fee. The first part of the incentive fee is based on income, whereby the Company will pay the Adviser quarterly in arrears 10.0% of its Investment Income Returns (as defined below) for the relevant calendar year subject to a 6.0% annualized hurdle rate on the fair market value of the OHA Originated Loans as of the first business day of the quarter, inclusive of deemed borrowing at a 1:1 debt-to-equity ratio (such deemed borrowing, the “Deemed Leverage Assumption” and such hurdle rate, the “Hurdle Rate”). “Investment Income Returns” means dividends, cash interest or other distributions or other cash income and any third-party fees received from portfolio companies (such as upfront fees, commitment fees, origination fee, amendment fees, ticking fees and break-up fees, as well as prepayment premiums) accrued during the quarter with respect to OHA Originated Loans, less the Deemed Cost of Leverage (as defined below), attributable to the OHA Originated Loans during the quarter. The “Deemed Cost of Leverage” shall be the product of (i) an amount equal to the deemed borrowing resulting from the Deemed Leverage Assumption (ii) times (a) the Company’s weighted average cost of outstanding indebtedness during the applicable quarter or (b) if no indebtedness is outstanding during the quarter, the Secured Overnight Financing Rate + 2.00%. Investment Income Returns includes, in the case of investments with a deferred interest feature (such as original issue discount, debt instruments with payment-in-kind interest and zero-coupon securities), accrued income that the Company has not yet received in cash. Investment Income Returns does not include any realized capital gains, realized capital losses or unrealized capital appreciation or depreciation.