Sub-Manager Base Management Fee

Sub-Manager Base Management Fee. Means a fee calculated on a monthly basis and paid (by wire transfer of immediately available funds) quarterly in arrears. The amount of such monthly fee shall be equal to (a) $115,000 (the "Monthly Retainer Amount"), plus (b) (i) 1⁄4 times (ii) (A) the Base Management Fee for such one-month period minus (B) the monthly expenses of the Manager, as agreed by the Manager and the Sub-Manager from time to time (the "Monthly Expense Amount"); provided that the Monthly Expense Amount shall initially... be $83,333.33, which shall be subject to increase from time to time to reflect actual increases in such costs subject to the mutual agreement of the Manager and Sub-Manager, not to be unreasonably withheld. To the extent that the underwriters' over-allotment option is exercised in full in connection with the REIT's initial public offering, the Monthly Retainer Amount will be increased to $130,000. In the event the Base Management Fee shall be less than the aggregate amounts calculated in accordance with the preceding sentence, payment (or allocation to the Manager with respect to the Monthly Expense Amount) shall be made in the following order: first to the Sub-Manager, the Monthly Retainer Amount; second, to the Manager, the Monthly Expense Amount; and third, to the Sub-Manager, an amount equal to (i) 1⁄4 times (ii) such amount of Base Management Fee as remains following payment/allocation of the amounts required to be paid/ allocated pursuant to this sentence; provided, that any amount due to either the Sub-Manager or the Manager under the preceding sentence and not paid/ allocated as provided in this sentence shall be accrued for its account and paid/allocated as promptly as possible. For the avoidance of doubt, any residual amount of the Base Management Fee not required to be paid to the Sub-Manager or allocated to the Manager hereunder shall be for the benefit of the Manager and may be disposed of by the Manager or distributed to its members if, as and when the Manager may determine in its sole discretion. View More

Sub-Manager Base Management Fee. Means a base management fee, calculated and paid (by wire transfer of immediately available funds) monthly in arrears, equal to 25% of the Base Management Fee earned by the Manager or its assignee under the Management Agreement during such month, net of any expenses that shall be the responsibility of the Manager pursuant to Section 7.1 of the Management Agreement or shall not otherwise be reimbursed to the Manager pursuant to the Management Agreement.