Base Management Fees shall have the meaning set forth in the Mortgage Loan Agreement.
Base Management Fees means the base property management fees (i.e. based on a fixed percentage of revenues and not on the basis of any override or profit participation) for property management (as opposed to asset management) services provided to the Individual Properties and actually payable to Manager under the Management Agreements, but such fees, for any Manager, shall not, exceed three percent (3.0%) of the monthly Operating Income for the Individual Properties managed by such Manager and all such fees payable to all Managers in the aggregate shall not exceed three percent (3.0%) of the monthly Operating Income for the Properties.
Base Management Fees means fees payable under a Management Agreement that are calculated on the basis of a percentage of Gross Operating Revenues.
Examples of Base Management Fees in a sentence
Base Management Fees for any partial quarter will be appropriately pro-rated.
The Base Management Fees for any partial quarter will be appropriately pro rated.
Base Management Fees for any partial quarter will be appropriately prorated.
Base Management Fees for any partial month or quarter will be appropriately pro rated.
Calculations and payments of any Base Management Fees or Reimburseable Advances payable pursuant to Sections 3.02.B(3), (4) and (5) hereof and the Security Deposit Replenishment shall be accounted for cumulatively within a Fiscal Year, and shall be cumulative from one Fiscal Year to the next.
More Definitions of Base Management Fees
Base Management Fees. – means the fees payable under the Management Agreement that are calculated on the basis of a percentage of Gross Operating Revenues, not to exceed three percent (3.0%) of Gross Operating Revenues without the consent of Requisite Lenders.
Base Management Fees as provided in Section 1.1 of the Loan Agreement is hereby deleted in its entirety and replaced with the following: shall mean the base property management fees (i.e. based on a fixed percentage of revenues and not on the basis of any override or profit participation) for property management (as opposed to asset management) services provided to the Individual Properties and actually payable to Manager under the Management Agreements, but such fees, for any Manager, shall not exceed four percent (4.0%) of the monthly Adjusted Operating Income for the Individual Properties managed by such Manager and all such fees payable to all Managers in the aggregate shall not exceed four percent (4.0%) of the monthly Adjusted Operating Income for the Properties; provided, however, that any portion of the Base Management Fees in excess of three percent (3%) (the “Subordinated Portion of the Base Management Fees”) shall be payable only to the extent that (1) no Triggering Period has occurred and is then continuing; and (2) there is sufficient Available Cash to pay such amount (which amount will then be paid out of such Available Cash and from no other source) for the Individual Assumption Agreement Berkadia Loan No. 00-0000000 & 00-0000000 Properties managed by such Manager. Notwithstanding anything to the contrary contained herein, if the Subordinated Portion of the Base Management Fees shall be due to Managers pursuant to the terms set forth herein, such Subordinated Portion of the Base Management Fees shall accrue but shall not be payable to the Managers until such time as (x) the Borrower has reserved in the Future PIP Reserve Account a cash deposit in an amount equal to all outstanding Future PIP Reserve Funds guaranteed by that certain Payment Guaranty (PIP Reserve Funds), dated on or about February 27, 2015, by American Realty Capital Hospitality Trust, Inc., a Maryland corporation, for the benefit of Lender (the “Guaranteed PIP Funds”), or (y) Borrower shall have completed all PIP Work and paid all Approved Future PIP Expenses in connection with the Guaranteed PIP Funds with the Future PIP Reserve Funds in accordance with the Loan Documents or as otherwise agreed to by Lender.
Base Management Fees has the meaning set forth in the Operating Agreement.
Base Management Fees. “ means the annual base management fee of $2,500,000 set forth in, and paid in accordance with, the Management Agreement. “Beneficial Owner“ has the meaning assigned to such term in Rule 13d-3 and Rule 13d-5 under the Exchange Act, except that in calculating the beneficial ownership of any particular “person” (as that term is used in Section 13(d)(3) of the Exchange Act), such “person” shall be deemed to have beneficial ownership of all securities that such “person” has the right to acquire by conversion or exercise of other securities, whether such right is currently exercisable or is exercisable only upon the occurrence of a subsequent condition. The terms “Beneficially Owns” and “Beneficially Owned” shall have a corresponding meaning.
Base Management Fees means the annual base management fee of $2,500,000 set forth in, and paid in accordance with, the Management Agreement.
Base Management Fees shall have the meaning set forth in Section 3.8(a).