INCENTIVE FEEFee Agreement |
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AMPEX CORP /DE/ | AFC Holdings Corporation | Hanover Investors Partners-V, LLC. RealDealDocs™ contains millions of easily searchable legal documents and clauses from top law firms. Search for free - click here. |
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HIP-IV
HIP-IV Incorporated
135 East 57th Street
New York, NY 10022
Exhibit 10.25
March 31, 2005
AFC Holdings Corporation
135 East 57th Street
New York, NY 10022
Dear Sirs,
We act as Managing Member of Hanover Investors Partners-V, LLC (the Company), a Delaware limited liability company. As such in accordance with Section 6 (a) of the Limited Liability Company Agreement we are entitled to receive an incentive allocation (Incentive Fee) from the Company, unless otherwise agreed.
In connection with the foregoing, we confirm to you the following:
To the extent that payments are received from the Company on account of HIP-IV’s Incentive Fee we will pay to you (or your designee) promptly after receipt and calculation of relevant expenses, the net amount of such Fee remaining after the deductions from the gross amount of such Fee set forth below:
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(a) |
All legal, accounting, travel and other costs and expenses of the formation and operation of HIP-IV reasonably incurred in connection with the Company other than costs and expenses reimbursed by the Company pursuant to Section 7 (e) of the Limited Liability Company Agreement and other than salaries or other compensation (if any) paid to executive officers of HIP-IV; and |
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(b) |
Incentive fees and other amounts paid or payable by HIP-IV to Hanover Investors Limited in accordance with the letter agreement dated March ___, 2005 between HIP-IV and Hanover Investors Limited. |
If the foregoing accurately reflects our understanding and agreement regarding this matter, please indicate your acceptance by signing a copy of this letter in the spa
