First Incentive Management Fee definition

First Incentive Management Fee means, with respect to each Fiscal Year or portion thereof, an amount equal to forty percent (40%) of Operating Profit remaining after deducting amounts paid or payable in respect of Sections 3.02.B(1) through (5) for such Fiscal Year or portion thereof.
View Source
First Incentive Management Fee shall have the meaning, for each Property, given such term in the Management Agreement for such Property.
View Source
First Incentive Management Fee means: (a) for each Hotel acquired by Landlord prior to the date hereof, an amount equal to the number obtained by subtracting from a number equal to what would have been the Operating Profit for such Hotel had this Agreement been in effect with respect to such Hotel for the entire 2001 Fiscal Year (which 2001 Fiscal Year began on or about December 30, 2000), (i) the sum of the distributions which would have been made if such Hotel had been subject to this Agreement for the entire 2001 Fiscal Year pursuant to Sections 3.02.B.1 through 3.02.B.7 hereof, and (ii) Six Thousand Four Hundred Fifty One Dollars ($6,451.00), and (b) for each Hotel acquired by Landlord on or after the date hereof, Zero Dollars ($0.00).
View Source

Examples of First Incentive Management Fee in a sentence

  • Calculations and payments of the First Incentive Management Fee, the Second Incentive Management Fee, Tenant’s Priority, and Ground Lease Rent for each Hotel and distributions of Operating Profit made with respect to each Accounting Period within a Fiscal Year for each Hotel shall be accounted for cumulatively within a Fiscal Year, but shall not be cumulative from one Fiscal Year to the next.

  • Sixth, to Manager, in an amount equal to the First Incentive Management Fee for such Hotel.

  • The Aggregate First Incentive Management Fee and the Aggregate Second Incentive Management Fee shall be allocated among the Managers as the Managers shall determine in their sole discretion, and Tenant shall have no responsibility or liability in connection with any such allocation as determined by the Managers or the distribution thereof among the Managers.

  • Calculations and payments of the Aggregate First Incentive Management Fee, the Aggregate Second Incentive Management Fee, Aggregate Tenant’s Priority, and distributions of Aggregate Operating Profit made with respect to each Portfolio Accounting Period within a Portfolio Fiscal Year shall be accounted for cumulatively within a Portfolio Fiscal Year, but shall not be cumulative from one Portfolio Fiscal Year to the next.

  • Third, to Manager, in an amount equal to the First Incentive Management Fee.

  • Calculations and payments of the Aggregate First Incentive Management Fee, the Aggregate Second Incentive Management Fee, Aggregate Tenants’ Priority, Aggregate Ground Lease Rent and distributions of Aggregate Operating Profit made with respect to each Portfolio Accounting Period within a Portfolio Fiscal Year shall be accounted for cumulatively within a Portfolio Fiscal Year, but shall not be cumulative from one Portfolio Fiscal Year to the next.

  • Notwithstanding the order of distribution of Operating Profit set forth in Section 3.02.B, for each Accounting Period, Manager shall, with each interim accounting, transfer to Tenant any interim amounts due Tenant, transfer to Marriott any interim amounts due to Marriott, and retain any interim amounts due to Manager under Section 3.02.B, including, without limitation, the First Incentive Management Fee calculated on a year-to-date basis for such Fiscal Year.

  • Each Incentive Management Fee Period shall be a non-cumulative, independent test period; accordingly, an Incentive Management Fee could be earned for the First Incentive Management Fee Period but not the Second Incentive Management Fee Period, and visa-versa.

  • Calculations and payments of the Aggregate Base Management Fee, the Aggregate First Incentive Management Fee, the Aggregate Second Incentive Management Fee, Tenant's First Priority, Tenant's Second Priority, Tenant's Third Priority and distributions of Aggregate Operating Profit made with respect to each Portfolio Accounting Period within a Portfolio Fiscal Year shall be accounted for cumulatively.

  • Sixth, to Manager, in an amount equal to the First Incentive Management Fee for the Hotel.