Incentive Management Fees definition

Incentive Management Fees means the property management fees paid to a Manager for property management (as opposed to asset management) services provided to the Individual Properties that are based on an override, profit participation or other form of incentive for increased revenues or profits generated by such Individual Properties. Incentive Management Fees shall not include Base Management Fees, reimbursable expenses paid to a Manager, system service charges, accounting fees, development fees, revenue management fees, sales and marketing fees, information technology fees, human resources fees, risk management fees, administration fees or other similar fees, expenses or reimbursements, in each case, so long as the same are not calculated based on increases in revenues or profits generated by such Individual Properties.

Incentive Management Fees means, with respect to the Property, amounts denominated in the Management Agreement as “Incentive Management Fees,” or if there is no such designation, fees in the nature of incentive management fees (other than reimbursements due to Manager for operating expenses and other out-of-pocket costs and expenses in accordance with the Management Agreement) to be paid to the Manager under the Management Agreement that are in excess of the Base Management Fees.

Incentive Management Fees shall have the meaning specified in Section 5.19.

Examples of Incentive Management Fees in a sentence

• Notwithstanding anything in this Agreement to the contrary, Manager acknowledges and agrees that Incentive Management Fees are only payable (i) annually within thirty (30) days after Owner’s receipt and acceptance of the Annual Operating Statement, (ii) to the extent of available Operating Profit after payment in full of Owner’s Priority and (iii) in no event shall Incentive Management Fees accrue or be deemed to accrue.

• In no event shall Incentive Management Fees accrue, nor shall any Incentive Management Fee be payable to Manager in respect of any Accounting Period (i) as to which there is an Operating Loss or (ii) as to which accrued Base Management Fees are payable to Manager or accrued Owner’s Priority is payable to Owner.

• Notwithstanding anything in this Agreement to the contrary, Manager acknowledges and agrees that Incentive Management Fees are only payable (i) annually within thirty (30) days after Owner’s receipt and acceptance of the Annual Operating Statement, (ii) to the extent of available Operating Profit after payment in full of Owner’s Priority and any accumulated Owner’s Priority and (iii) in no event shall Incentive Management Fees accrue or be deemed to accrue.

• In no event shall Incentive Management Fees accrue, nor shall any Incentive Management Fee be payable to Manager in respect of any Accounting Period (i) as to which there is an Operating Loss or (ii) as to which accrued Base Management Fees are payable to Manager.

• After the delivery of New Propco’s audited financial statements for each fiscal year, appropriate adjustments shall be made for any overpayment or underpayment of the Incentive Management during such fiscal year on the next monthly installment of Incentive Management Fees due.

More Definitions of Incentive Management Fees

Incentive Management Fees. – means, with respect to the Property, amounts denominated in the Management Agreement as “Incentive Management Fees,” or if there is no such designation, fees in the nature of incentive management fees (other than reimbursements due to Manager for operating expenses and other out-of-pocket costs and expenses in accordance with the Management Agreement) to be paid to the Manager under the Management Agreement that are in excess of the Base Management Fees.

Incentive Management Fees is amended as follows:

Incentive Management Fees the management fees payable by Borrower to Strategic pursuant to Section 2.3(b) of the Management Agreement, in an aggregate amount not to exceed (a) $69,500 with respect to the last ten days of December, 1995 and the first Fiscal Quarter of 1596 and (b) $62,500 with respect to any other Fiscal Quarter.

Incentive Management Fees has the meaning set forth in the Operating Agreement.

Incentive Management Fees. Deferred Secondary Courtyard Management Fees," "Deferred Incentive Management Fees," or "Termination Fees," or any "Subordinated FF&E Contribution."

Incentive Management Fees means an amount payable to Manager, pursuant to Section 3.02 and Section 4.01, that is equal to the percentage set forth in Schedule 1 of Available Cash Flow in any Fiscal Year (or portion thereof).

Incentive Management Fees has the meaning specified in the Hotel ------------------------- Management Agreement.