CORPORATE OVERHEAD FEE AGREEMENTFee Agreement |
|
|
|
You are currently viewing: This Fee Agreement involves
HAMMONS JOHN Q HOTELS INC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
|
|
|
Search Fee Agreement by:
<PAGE>
EXHIBIT 10.13
CORPORATE OVERHEAD FEE AGREEMENT
This CORPORATE OVERHEAD FEE AGREEMENT (this "Agreement") is entered into
as of ______________, 2005, by and between John Q. Hammons Hotels, L.P., a
Delaware limited partnership (the "Partnership"), and JQH Acquisition LLC, a
Delaware limited liability company (the "Manager").
WHEREAS, the Manager is specially skilled in financial, strategic
planning, management consulting and other management skills and services;
WHEREAS, the Partnership wishes to obtain the benefit of the experience of
the Manager and its knowledge of the Partnership and the Partnership's financial
affairs in particular;
WHEREAS, the Manager is willing to make such skills available and to
provide such services to the Partnership on the terms and conditions hereinafter
set forth;
NOW, THEREFORE, in consideration of the foregoing recitals and the mutual
promises hereinafter set forth, and for other good and valuable consideration,
the receipt and sufficiency of which are hereby acknowledged, the Partnership
and the Manager, intending to be legally bound, do hereby agree as follows:
1. Engagement. The Partnership hereby engages the Manager for the Term (as
hereinafter defined) and upon the terms and conditions herein set forth to
provide consulting and management advisory services to the Partnership or any of
its subsidiaries, as reasonably requested from time to time by the Partnership
(the "Services"). The Services will be in the field of financial, strategic
planning, management consulting services and such other management areas as the
Manager and the Partnership shall mutually agree. In consideration of the
compensation to the Manager specified herein, the Manager accepts such
engagement and agrees to perform the Services.
2. Term. The engagement hereunder shall be for a term commencing as of the
date hereof and expiring on the Liquidation Completion Date, as such term is
defined in the Third Amended and Restated Partnership Agreement of the
Partnership (the "Term"). The expiration of the Term of this Agreement shall not
affect the Partnership's obligations pursuant to Section 4 with respect to any
portion of the Management Fee (as defined below) payable to the Manager that is
not paid by the Partnership as of the expiration of the Term.
3. Services to be Performed. The Manager shall devote reasonable time and
efforts to the performance of the Services. However, no precise number of hours
is to be devoted by the Manager on a weekly or monthly basis. The Manager may
perform the Services directly, through its employees or agents, or with such
outside consultants as the Manager may engage for
<PAGE>
such purpose. The Partnership acknowledges that the Services to it will not be
exclusive, and that the Manager and its affiliates may render similar services
to other persons.
4. Management Fee. In consideration of the Manager's services hereunder,
the Partnership shall pay to the Manager an aggregate annual fee (the
"Management Fee") equal to $1,000,000, which Management Fee shall be paid to the
Manager by the Partnership in equal monthly installments of $83,333.33 per
month. Such Management Fee is to be paid in cash monthly in arrears on the first
day of each calendar month.
5. Indemnification. In addition to its agreements and obligations under
this Agreement, the Partnership agrees to indemnify and hold harmless the
Manager and its affiliates (including its






