Base Management Fees. In consideration of the services to be performed during the term of this Agreement by Manager, the Lessee shall pay to the Manager a periodic base management fee ("Base Management Fee") in the amount of two percent (2%) of Gross Revenues for each month. Each such periodic fee shall be paid to Manager (or retained by Manager as provided below) at such time as the final monthly report for such month is submitted to Lessee pursuant to Section 5.04.
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Sources: Management Agreement (Equity Inns Inc), Management Agreement (Equity Inns Inc)