Subordinated Management Fee. The fee payable to the Collateral Manager in arrears on each Payment Date pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1 of this Indenture, in an amount equal to 0.25% per annum, calculated on the basis of the actual number of days in the applicable Interest Accrual Period divided by 360, of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date.
Subordinated Management Fee. The fee payable to the Collateral Manager in arrears on each Payment Date (prorated for the related Interest Accrual Period), including any Redemption Date, pursuant to Section 8(a) of the Collateral Management Agreement and Section 11.1, in an amount equal to 0.35% per annum (calculated on the basis of a 360-day year and the actual number of days elapsed during the related Collection Period) of the Maximum Investment Amount at the beginning of the Collection Period relating to such Payment Date.
Subordinated Management Fee has the meaning assigned to such term in the Collateral Management Agreement.
Examples of Subordinated Management Fee in a sentence
Such factors could create an incentive for the Collateral Manager to manage the Portfolio in such a manner as to seek to maximise the return on the Portfolio to increase the amount of payments to it by way of Subordinated Management Fee or as a Subordinated Noteholder.
Figure 1.1 represents a schematic view of the structure of thesis.
The Collateral Manager is entitled to receive a Senior Management Fee, a Subordinated Management Fee and an Incentive Collateral Management Fee from the Issuer out of proceeds received by the Issuer from the Collateral Obligations, payable in accordance with the Priorities of Payments or, in respect of the Incentive Collateral Management Fee only, pursuant to Condition 3(k)(vi) (Supplemental Reserve Account).
On the Maturity Date, the Successor Manager shall be paid an amount equal to the Accrued Subordinated Management Fee less the Deferred Subordinated Management Fee (the Successor Management Fee).
The Senior Management Fee and the Subordinated Management Fee may be adjusted at the discretion of the Issuer (with the consent of the Trustee, Rating Agency Confirmation and an Extraordinary Resolution of each Class of Noteholders) in the event of a replacement or Substitute Investment Manager being appointed in place of the Investment Manager.
More Definitions of Subordinated Management Fee
Subordinated Management Fee means the fee payable to the Collateral Manager on the final Payment Date, after all Termination Obligations have been paid in full, pursuant to Section 3(c) of this Agreement, in an amount equal to 0.50% per annum of the average of (x) the Collateral Principal Amount as of the first day and (y) the Collateral Principal Amount as of the last day, in each case, of each calendar month during each Interest Accrual Period, which amount shall accrue on each Payment Date until the Maturity Date.
Subordinated Management Fee. For each Payment Date, an amount equal to the product of (i) twenty percent (20%) and (ii) the Management Fee and Management Fee Arrearage payable on such date.
Subordinated Management Fee means a fee payable to the Collateral Manager equal to [0.35]% per annum (calculated on the basis of a 360 day year and the actual number of days elapsed and subject to availability of funds and to the Priority of Payments) of the Maximum Investment Amount as of the first day of the Collection Period for the related Payment Date payable in accordance with the Priority of Payments.
Subordinated Management Fee means management fees payable by Holdings or any of its Subsidiaries to Sponsor pursuant to the Management Services Agreement in an aggregate annual amount not to exceed $600,000, which shall not be payable (1) at any time when an Event of Default in respect of payment obligations hereunder shall have occurred and is continuing (or would be caused by such payment) and (2) prior to the payment in full, in Cash, of all Obligations following the occurrence of, and during the continuance of, an Event of Default in Section 8.1(f), Section 8.1(g) or Section 8.1(h) (relating to bankruptcy).
Subordinated Management Fee. A fee that is payable on each Payment Date (subject to availability of funds and to the Priority of Payments) in an amount equal to 0.30% per annum of the Available Asset Amount as of the first day of the related Due Period. The Subordinated Management Fee is payable before any distributions on the Subordinated Notes and is calculated on the basis of a calendar year consisting of 360 days and the actual number of days elapsed during the related Due Period. Subordinated Management Fees not paid when due as a result of the Priority of Payments (excluding Subordinated Management Fees voluntarily deferred by the Collateral Manager, which shall bear interest as set forth in the Management Agreement) will not bear interest. The Collateral Manager may, in its sole discretion, elect in a written notice to each of the Trustee and the Collateral Administrator prior to the Determination Date relating to any Payment Date, to waive payment of all or any portion of the Subordinated Management Fee payable to the Collateral Manager on such Payment Date; provided that such election may be rescinded by the Collateral Manager with respect to any such Payment Date by subsequent written notice to each of the Trustee and the Collateral Administrator at any time prior to the Determination Date relating to such Payment Date. For the avoidance of doubt, any Subordinated Management Fee so waived with respect to any Payment Date shall not be payable to the Collateral Manager on any subsequent Payment Date.
Subordinated Management Fee. The fee payable by the Issuer as compensation for the performance of the obligations of the Collateral Manager in arrears on each Payment Date pursuant to Section 6(a) of the Collateral Management Agreement and Section 11.1 of this Indenture, in an amount equal to 0.30% per annum (calculated on the basis of a 360-day year and the actual number of days elapsed during the related Collection Period) of the Fee Basis Amount as of the beginning of the Collection Period relating to such Payment Date, from which the Collateral Manager shall be entitled to receive the Subordinated Management Fee; provided that so long as BCRED is the Collateral Manager, the Subordinated Management Fee shall be 0% per annum of the Fee Basis Amount. “Subordinated Notes”: The Subordinated Notes issued pursuant to this Indenture and having the characteristics specified in Section 2.3. “Subsequent Delivery Date”: The settlement date with respect to the Issuer’s acquisition of a Collateral Obligation to be pledged to the Trustee after the Closing Date. “Substitute Obligations”: The meaning specified in Section 12.2(b). “Successor Entity”: The meaning specified in Section 7.10(a).
Subordinated Management Fee. The fee payable to the Collateral Manager in arrears on each Payment Date pursuant to Section 6 of the Collateral Management Agreement and Section 11.1 of this Indenture, in an amount equal to (A) if MIC holds no Preferred Shares, 0.10% per annum (calculated on the basis of a 360-day year consisting of twelve 30-day months) of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date and (B) if MIC holds any Preferred Shares, $0 per annum, calculated on the basis of the actual number of days in the applicable Interest Accrual Period divided by 360, of the Fee Basis Amount at the beginning of the Collection Period relating to such Payment Date.