Qualified Management Contract Clause Samples
A Qualified Management Contract clause defines the standards and requirements that a management agreement must meet to be considered acceptable under the terms of a broader contract, such as a loan or partnership agreement. Typically, this clause specifies criteria such as the experience and reputation of the management company, the scope of their authority, and compliance with regulatory or lender requirements. By setting these qualifications, the clause ensures that only competent and reputable managers are engaged, thereby protecting the interests of stakeholders and reducing the risk of mismanagement.
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Qualified Management Contract. The County and the Company acknowledge and agree that this Agreement is intended to conform to the requirements of Revenue Procedure 97-13, 1997-1 C.B. 632, and is to be interpreted consistently therewith. Notwithstanding any provisions in this Agreement to the contrary, the County and the Company agree that the County shall be under no obligation to pay, and shall not pay, compensation for services to the Company for the operation and maintenance of the Golf Course Facilities for any annual period if such payment, or any portion thereof, would (i) result in less than 80% of the Company's compensation for services for such period being based on a periodic fixed fee, or (ii) result in any portion of such compensation, in whole or in part, being based on a share of net profits, as such terms are defined in Rev. Proc. 97-13. The County and the Company agree that, for so long as tax-exempt obligations are outstanding with respect to the Golf Course Facilities, this Agreement shall not be amended or revised except with an opinion of a nationally recognized bond counsel firm that any such amendments or revisions shall not affect the tax-exempt status of any obligations outstanding with respect to the Golf Course Facilities.
Qualified Management Contract. The Parties acknowledge that this Agreement is intended to satisfy the safe harbor provisions of Internal Revenue Service Revenue Procedure 97-13, and any question of the interpretation of this Agreement shall be resolved in favor of complying with such safe harbor. Each parly represents to the other party that the Management Fee set forth in this Agreement is a reasonable fee for AOGP's management services provided under this Agreement.
Qualified Management Contract. THIS QUALIFIED MANAGEMENT CONTRACT (the “Agreement”), dated as of November 17 2014, by and between ▇▇▇▇▇▇ Sports Management, Inc., an Illinois corporation (“Company”), with offices located at ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇▇, ▇▇▇▇▇▇▇▇ ▇▇▇▇▇, and the County of Union a body corporate and politic of the State of New Jersey, with offices located at Union County Administration Building, ▇▇ ▇▇▇▇▇▇▇▇▇▇▇▇▇ ▇▇▇▇▇, ▇▇▇▇▇▇▇▇▇, ▇▇▇ ▇▇▇▇▇▇ ▇▇▇▇▇ (“County”). The County and the Company are each referred to herein individually as a “Party” and collectively, as the “Parties”.
Qualified Management Contract