Subordinate Management Fee definition

Subordinate Management Fee means, a fee equal to 0.05% per annum (computed on the basis of the actual number of days elapsed in the Payment Period in respect of which payment is being made divided by 360) multiplied by the average of the daily Total Portfolio Value for the preceding Payment Period, payable monthly in arrears to the Investment Manager on each Payment Date if the Note Portfolio Value at the end of the immediately preceding Payment Period is greater than or equal to the Note Portfolio Value Threshold; provided that, without the prior approval of 662/3% of the Aggregate Outstanding Amount of the Income Notes, on any Payment Date on which the condition in clause (ii) of the definition of Income Note Distribution Deferral Condition is applicable, the Investment Manager shall not be entitled to receive the Subordinate Management Fee on such Payment Date; provided that, such amount will be deferred (but without the accrual of interest thereon) and paid on the first succeeding Payment Date on which the Note Portfolio Value exceeds the Note Portfolio Value Threshold; provided that the deferred amount will be paid in whole or in part only to the extent that such payment would not result in the Note Portfolio Value (after the payment of such amount and all amounts

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Subordinate Management Fee means the fee payable to Terwin Money Management LLC in arrears on each Quarterly Distribution Date pursuant to the Collateral Management Agreement, in an amount equal to 0.17%

Subordinate Management Fee means twenty-four and one-half percent (24.5%) of the Management Fee for each Twelve Month Period.

Examples of Subordinate Management Fee in a sentence

The Subordinate Management Fee will be calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed.
Notwithstanding any provision to the contrary herein contained, the Subordinate Management Fee is subordinate and inferior in priority to the payment of Debt Service.
In consideration for performing all of its management, administrative, oversight, cooperation and coordination services under this Agreement, Corporation shall pay a "Management Fee" for such period of time, consisting of a "Base Management Fee" equal to 3% of Gross Operating Revenues for the applicable Operating Year and a "Subordinate Management Fee" of up to 1% of Gross Operating Revenues for the applicable Operating Year, subject to the conditions set forth in Section 3.1.3 hereof.
All such fees shall be treated as Operating Expenses except the Subordinate Management Fee which, so long as any Bonds remain Outstanding under the Indenture, shall be subordinate to payment of Debt Service on all Outstanding Bonds and payable solely from amounts rightfully on deposit in the Subordinate Management Fee Fund held by the Trustee under the Indenture.
Any overpayments of the Subordinate Management Fee required to be repaid by Manager shall not be subject to any right of offset of Manager for any other amounts owed to or claimed by Manager hereunder.
In the event this Agreement terminates prior to year-end for any reason, Manager shall be entitled to payment of any accrued and unpaid Subordinate Management Fee through the date of expiration or termination to the extent that the REVPAR Performance Standard is being met at the time of such expiration or termination.
The Trustee shall apply amounts on deposit in the Subordinate Management Fee Fund to pay to the Manager the Subordinate Management Fee then due and payable.
Calculations and payments of the Aggregate Subordinate Management Fee and Aggregate Incentive Management Fee to the Manager made with respect to each Accounting Period within a Fiscal Year shall be accounted for cumulatively during each Fiscal Year but not from one Fiscal Year to the next.
On the date that a Semi-Annual Installment of the Subordinate Management Fee is due, Owner shall, to the extent of funds in the Subordinate Management Fee Fund, disburse to Manager the applicable Semi-Annual Installment of the Subordinate Management Fee plus any accrued and unpaid portion of a Semi-Annual Installment of the Subordinate Management Fee.
For the avoidance of doubt, the Subordinate Management Fee shall continue to be payable to Manager in the event of an equitable adjustment of the REVPAR Performance Standard for any Operating Year pursuant to Section 4.5.3.2 hereof.

More Definitions of Subordinate Management Fee

Subordinate Management Fee shall have the meaning, with respect to each Property, given such term in the Management Agreement for such Property.

Subordinate Management Fee has the meaning assigned to such term in Exhibit K of the Management Agreement.

Subordinate Management Fee means the “Subordinate Management Fee” as defined in the Investment Management Agreement.