Hotel Incentive Fee definition
Examples of Hotel Incentive Fee in a sentence
Management Company shall transfer to Owners with each accounting any Operating Profit or other sums then available for distribution to the Hotel Facility Owner or Conference Center Facility Owner, as the case may be, and shall retain any periodic Hotel Base Management Fee and Conference Center Base Management Fee and any Hotel Incentive Fee and Conference Center Incentive Fee due Management Company.
Notwithstanding the foregoing to the contrary, Management Company shall not be entitled to receive any portion of the Hotel Incentive Fee in any Fiscal Year with respect to which Operating Profit of the Hotel Facility has not equaled or exceeded the respective threshold amounts set forth in this subsection A.
Owner shall pay, in accordance with the payment provisions set forth in Section 6.4.4, the Hotel Incentive Fee and the Casino Incentive Fee monthly in arrears based on the cumulative year-to-date Casino Gross Operating Profits or Hotel Gross Operating Profits, as applicable, accrued from the beginning of the applicable Fiscal Year through the end of the immediately preceding month, after taking into account prior Incentive Fee payments for such Fiscal Year.