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The Advisor shall receive the Asset Management Fee as its sole compensation for services rendered pursuant to Section 3 of this Agreement in connection with the management of the Company's Assets. The Asset Management Fee shall be calculated and paid monthly and consists of a monthly fee of one-twelfth of 1.1% of # the cost of each Asset then held by the Company, without deduction for depreciation, bad debts or other non-cash reserves, or # the Company's proportionate share thereof in the case of an investment made through a joint venture or other co-ownership arrangement excluding (only for clause (ii)) debt financing on the investment. For any month in which an Asset is disposed of, the Company shall prorate the portion of the Asset Management Fee related to that specific Asset by using a numerator equal to the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in such month and add the resulting amount to the fee due for such month. Following the determination of the Company's net asset value, the Asset Management Fee will be calculated based on the lower of # the aggregate of the value of the Company's Assets and # the historical cost of the Company's Assets, both without deduction for depreciation, bad debts or other non-cash reserves. The Asset Management Fee shall be payable in arrears for each month on the first of each succeeding month; provided, however, that the Asset Management Fee shall not exceed $2,000,000 per annum (the "Asset Management Fee Cap") until the earlier of such time, if ever, that # the Company holds Assets with an Appraised Value equal to or in excess of $500,000,000 or # the Company reports AFFO equal to or greater than $.3125 per share of Common Stock (an amount intended to reflect a 5% or greater annualized return on $25.00 per share of Common Stock) (the "Per Share Amount") for two consecutive quarters, on a fully diluted basis. If the Company should split, combine or otherwise reclassify the Common Stock, make a dividend or other distribution in shares of Common Stock (including any dividend or other distribution of securities convertible into Common Stock), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then the Per Share Amount shall be ratably adjusted to reflect fully the effect of any such change, and thereafter all references to the Per Share Amount shall be deemed to be the Per Share Amount as so adjusted. All amounts of the Asset Management Fee in excess of the Asset Management Fee Cap (the "Subordinated Compensation") shall be subordinated, and such Subordinated Compensation shall bear interest at an interest rate of 3.5% per annum, which interest shall be cumulative but not compounding, and, if the conditions of the second preceding sentence are met, be paid (together with any interest thereon) in accordance with [Section 9(b)] of this Agreement.

The Advisor shall receive the Asset Management FeeFees. The Company shall pay the Advisor or its Affiliates as its sole compensation for the services rendered pursuant todescribed in Section 3 of this Agreement in connection with the management of the Company's Assets. The Asset Management Fee shall be calculated and paid monthly and consists of3.03 hereof a monthly fee of(the “Asset Management Fee”) in an amount equal to one-twelfth of 1.1%25% of # the costsum of each Asset then heldthe Cost of Investments (or in the case of Loans, the principal amount), less any principal repaid by the Company, without deduction for depreciation, bad debtsborrowers on Loans or other non-cash reserves, or #debt-related investments (or the Company'Company’s proportionate share thereof in the case of an investmentInvestment made through a joint venture or other co-ownership arrangement excluding (only for clause (ii)) debt financing on the investment. For any month in which an Asset is disposed of, the Company shall prorate the portionJoint Venture), as of the Asset Management Fee related to that specific Asset by using a numerator equalend of each month; provided that, if the Board determines an estimated net asset value per share, with respect to the number of days owned duringInvestments included in the month of disposal, divided by a denominator equal to the total number of days in such month and add the resulting amount to the fee due for such month. Following the determination of the Company'Board’s net asset value,determination, the Asset Management Fee will be calculated based on the lowerequal to one-twelfth of # the aggregate1.25% of the most recently determined value of the Company's Assets and # the historical costsuch Investment, as of the Company's Assets, both without deductionend of each month. For purposes of calculating the Asset Management Fee, the Cost of Investments for depreciation, bad debts or other non-cash reserves.each Investment shall be prorated for the number of days during the applicable month that the Company owns such Investment. The Advisor shall submit a monthly invoice to the Company, accompanied by a computation of the Asset Management Fee for the applicable month. The Asset Management Fee shall generally be payable in arrears for each month on the firstlast day of each succeeding month; provided, however,the month that immediately follows the month in which such Asset Management Fee shall not exceed $2,000,000 per annum (the "Asset Management Fee Cap") untilwas earned, or the earlierfirst business day following the last day of such time, if ever, that # the Company holds Assets with an Appraised Value equal to or in excess of $500,000,000 or # the Company reports AFFO equal to or greater than $.3125 per share of Common Stock (an amount intended to reflect a 5% or greater annualized return on $25.00 per share of Common Stock) (the "Per Share Amount") for two consecutive quarters, on a fully diluted basis. If the Company should split, combine or otherwise reclassify the Common Stock, make a dividend or other distribution in shares of Common Stock (including any dividend or other distribution of securities convertible into Common Stock), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then the Per Share Amount shall be ratably adjusted to reflect fully the effect of any such change, and thereafter all references to the Per Share Amount shall be deemed to be the Per Share Amount as so adjusted. All amountsmonth. However, payment of the Asset Management Fee may be deferred or waived, in excesswhole or in part (or received in Shares) as to any transaction in the sole discretion of the Advisor. Any such deferred or waived Asset Management Fee Cap (the "Subordinated Compensation")Fees shall be subordinated, and such Subordinated Compensation shall bearpaid to the Advisor or its Affiliates without interest at an interest rate of 3.5% per annum, which interestsuch subsequent date as the Advisor shall be cumulative but not compounding, and, if the conditions of the second preceding sentence are met, be paid (together with any interest thereon) in accordance with [Section 9(b)] of this Agreement.request.

The Advisor shall receive the Asset Management FeeFees. The Company shall pay the Advisor or its Affiliates as its sole compensation for the services rendered pursuant todescribed in Section 3 of this Agreement in connection with the management of the Company's Assets. The Asset Management Fee shall be calculated and paid monthly and consists of3.03 hereof a monthly fee of(the “Asset Management Fee”) in an amount equal to one-twelfth of 1.1%25% of # the costsum of each Asset then heldthe Cost of Investments (or in the case of Loans, the principal amount), less any principal repaid by the Company, without deduction for depreciation, bad debtsborrowers on Loans or other non-cash reserves, or #debt-related investments (or the Company'Company’s proportionate share thereof in the case of an investmentInvestment made through a joint venture or other co-ownership arrangement excluding (onlyJoint Venture), as of the end of each month. For purposes of calculating the Asset Management Fee, the Cost of Investments for clause (ii)) debt financing oneach Investment shall be prorated for the investment. For anynumber of days during the applicable month in which an Asset is disposed of,that the Company owns such Investment. The Advisor shall proratesubmit a monthly invoice to the portionCompany, accompanied by a computation of the Asset Management Fee related to that specific Asset by using a numerator equal tofor the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in such month and add the resulting amount to the fee due for suchapplicable month. Following the determination of the Company's net asset value, the Asset Management Fee will be calculated based on the lower of # the aggregate of the value of the Company's Assets and # the historical cost of the Company's Assets, both without deduction for depreciation, bad debts or other non-cash reserves. The Asset Management Fee shall generally be payable in arrears for each month on the firstlast day of each succeeding month; provided, however,the month that immediately follows the month in which such Asset Management Fee shall not exceed $2,000,000 per annum (the "Asset Management Fee Cap") untilwas earned, or the earlierfirst business day following the last day of such time, if ever, that # the Company holds Assets with an Appraised Value equal to or in excess of $500,000,000 or # the Company reports AFFO equal to or greater than $.3125 per share of Common Stock (an amount intended to reflect a 5% or greater annualized return on $25.00 per share of Common Stock) (the "Per Share Amount") for two consecutive quarters, on a fully diluted basis. If the Company should split, combine or otherwise reclassify the Common Stock, make a dividend or other distribution in shares of Common Stock (including any dividend or other distribution of securities convertible into Common Stock), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then the Per Share Amount shall be ratably adjusted to reflect fully the effect of any such change, and thereafter all references to the Per Share Amount shall be deemed to be the Per Share Amount as so adjusted. All amountsmonth. However, payment of the Asset Management Fee may be deferred or waived, in excesswhole or in part (or received in Shares) as to any transaction in the sole discretion of the Advisor. Any such deferred or waived Asset Management Fee Cap (the "Subordinated Compensation")Fees shall be subordinated, and such Subordinated Compensation shall bearpaid to the Advisor or its Affiliates without interest at an interest rate of 3.5% per annum, which interestsuch subsequent date as the Advisor shall be cumulative but not compounding, and, if the conditions of the second preceding sentence are met, be paid (together with any interest thereon) in accordance with [Section 9(b)] of this Agreement.request.

The Advisor shall receive the Asset Management FeeFees. The Company shall pay the Advisor as its sole compensation for the services rendered pursuant todescribed in Section 3 of this Agreement in connection with the management of the Company's Assets. The Asset Management Fee shall be calculated and paid monthly and consists of3.03 hereof a monthly fee of(the “Asset Management Fee”) in an amount equal to one-twelfth of 1.1%0.75% of the higher of # the cost or # the value of each Asset then heldProperty we acquire. For purposes of this Section, the cost of a Property will equal the amount actually paid or budgeted (excluding Acquisition and Advisory Fees and expenses) in respect of the purchase, construction or improvement of the Property, including the amount of any debt attributable to the asset (including debt encumbering the asset after its acquisition), the value of a Property will be the value established by the Company,most recent independent valuation report with respect to such property, if any, without deduction for depreciation, bad debts or other non-cash reserves, or # the Company's proportionate share thereof in the case of an investment made through a joint venture or other co-ownership arrangement excluding (only for clause (ii)) debt financing on the investment. For any month in which an Asset is disposed of, the Company shall prorate the portion of the Asset Management Fee related to that specific Asset by using a numerator equal to the number of days owned during the month of disposal, divided by a denominator equal to the total number of days in such month and add the resulting amount to the fee due for such month. Following the determination of the Company's net asset value, the Asset Management Fee will be calculated based on the lower of # the aggregate of the value of the Company's Assets and # the historical cost of the Company's Assets, both without deduction for depreciation, bad debtsdebts, or other non-cash reserves. The Asset Management Fee shallwill be payable in arrears for each monthbased only on the firstportion of each succeeding month; provided, however, that the Asset Management Fee shall not exceed $2,000,000 per annum (the "Asset Management Fee Cap") untilcost or value attributable to the earlier of such time,Company’s investment in an asset if ever, that # the Company holds Assets with an Appraised Value equal to or in excessdoes not own all of $500,000,000 or # the Company reports AFFO equal to or greater than $.3125 per share of Common Stock (an amount intended to reflectasset. The Advisor shall submit a 5% or greater annualized return on $25.00 per share of Common Stock) (the "Per Share Amount") for two consecutive quarters, on a fully diluted basis. If the Company should split, combine or otherwise reclassify the Common Stock, make a dividend or other distribution in shares of Common Stock (including any dividend or other distribution of securities convertible into Common Stock), or engage in a reclassification, reorganization, recapitalization or exchange or other like change, then the Per Share Amount shall be ratably adjusted to reflect fully the effect of any such change, and thereafter all referencesmonthly invoice to the Per Share Amount shall be deemed to be the Per Share Amount as so adjusted. All amountsCompany, accompanied by a computation of the Asset Management Fee for the applicable period. The Asset Management Fee may or may not be taken, in excesswhole or in part, as to any year in the sole discretion of the Advisor. All or any portion of the Asset Management Fee Cap (the "Subordinated Compensation")Fees not taken as to any fiscal year shall be subordinated,deferred without interest and such Subordinated Compensation shall bear interest at an interest rate of 3.5% per annum, which interest shall be cumulative but not compounding, and, if the conditions of the second preceding sentence are met,may be paid (together with any interest thereon) in accordance with [Section 9(b)] of this Agreement.such other fiscal year as the Advisor shall determine.

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