The Outstanding Fees clause stipulates that any unpaid fees or dues incurred by one party must be settled within a specified timeframe. Failure to settle these outstanding fees may result in additional penalties, interest charges, or legal action to recover the owed amount.
Following the termination of your WeWork Membership, WeWork will process your Service Retainer refund, after deducting any outstanding fees and other costs due to us (including any Membership Fees due for the remainder of your Commitment Term, if applicable), to the bank account provided on the move out paperwork. Please be advised that the return of your Service Retainer takes approximately thirty (30) calendar days. Please note if the Service Retainer was paid via credit card, we will not be able to return the Service Retainer to a credit card. In the event outstanding fees and other costs due to us, including the Membership Fees owed to WeWork for the original Commitment Term, if applicable, is greater than the Service Retainer we have received from you, no refund will be issued. Instead, we will invoice you for the outstanding balance.
We do not expect to receive any cash proceeds from the sales of shares of our Class A Common Stock by MC Agent; however, the terms of the Equity Issuance Agreement require MC Agent to apply 100% of the net proceeds from the sale of the shares to the Outstanding Fees (as defined below) owed by the Company under the First Lien Credit Facility. In addition, if MC Agent’s net proceeds from sales of the shares exceed the Outstanding Fees owed by the Company under the First Lien Credit Facility, MC Agent shall remit such excess cash proceeds to the Company. Upon payment in full of the Outstanding Fees in cash by us or through sales of the shares by MC Agent, MC Agent shall return any of the unsold shares to us. At December 31, 2022, fees payable by us on or before May 25, 2023 totaled approximately $3.45 million (the “Outstanding Fees”). See “Selling Securityholder” for a description of the Equity Issuance Agreement and for additional information regarding Monroe and MC Agent.
SECTION 4. Fees Waiver. (1) Based on the information provided to the Administrative Agent by the Borrowers, the Borrowers reported that they will not be able to pay the following outstanding fees required by the Agreement (the “Outstanding Fees”): ● Extension Fee pursuant to Amendment #20: $515,136 ● Amendment Fee pursuant to Amendment #25: $100,000 ● Amendment Fee pursuant to this Amendment #26: $100,000 ● Standby Fee for March, 2023: $71,233 ● Standby Fee for April, 2023: $82,192 which non-compliance would, but for this waiver, constitute an Event of Default under the Agreement (the “Fees Violation”).
(7) Reflects (a) the issuance of 1,078,984 shares of common stock at $10.00 per share to The Klein Group, LLC in satisfaction of outstanding fees and expenses in the aggregate amount of $10,789,840, of which $10,289,840 is reflected as an adjustment to retained earnings and $500,000 is reflected as an adjustment to due to affiliate (b) the issuance of 610,000 shares of common stock at $10.00 per share to IRG, LLC in satisfaction of outstanding fees and expenses in the aggregate amount of $6,100,000, which is reflected as an adjustment to due to affiliate, (c) the issuance of 580,000 shares of common stock at $10.00 per share to the PFHOF in satisfaction of outstanding fees and expenses in the aggregate amount of $8,841,515, of which $5,800,000 is reflected as an adjustment to due to affiliate and $3,041,515 is reflected as the forgiveness of debt and therefore recorded as an adjustment to additional paid in capital and (d) the issuance of 23,640 shares of common stock at $10.00 per share to TSAV in satisfaction of outstanding fees and expenses in the aggregate amount of $197,000, of which $100,000 is reflected as an adjustment to accounts payable and $97,000 is reflected as an adjustment to retained earnings. Direct, incremental costs of $10,386,840 is reflected as an adjustment to retained earnings and is not shown as an adjustment to the statement of operations since it is a nonrecurring charge resulting directly from the Business Combination.
SETTLEMENT AND SATISFACTION OF THE SUBSCRIPTION PRICE III The Subscription Price III in the total sum of HK$585,000 will be settled and satisfied by the Subscriber III with the Company at the Completion III by setting-off the Outstanding Fees in full. The Subscriber III acknowledges that upon the allotment and issuance of the Subscription Shares III by the Company to it, the Outstanding Fees shall be deemed as fully set off at the agreed exchange rate of US$1.00 to HK$7.80 and all other obligations owing by the Company to the Subscriber III, if any, including but not limited to any antecedent claims that the Subscriber III may have against the Company pursuant to or under the Investor Relations Agreement, shall be taken as fully satisfied and settled by the Company with the Subscriber III or otherwise be fully and absolutely waived and forgone by the Subscriber III.
7.Payment of Outstanding Fees and Expenses of Resigning Trustee; Payment of Outstanding Fees and Expenses of Resigning Trustee’s Counsel. The outstanding fees and expenses of the Resigning Trustee as of the Effective Date will be paid by the Issuer. The outstanding fees and expenses of Porter Hedges LLP (“Prior Trustee’s Counsel”) shall be paid by the Issuer.
2. Method of payment of Outstanding Fees. The Company will pay Mr. McLeer the Outstanding Fees through bank transfers to the account of Mr. McLeer.
Outstanding Fees: As of June 1, 2022, there are no outstanding fees.
4.1. Service Retainer/Deposit: Your service retainer / deposit will be held by Us without generating interest as security for performance of all Your obligations under an agreement. All requests for the return must be made through Your online account or App after which the service retainer/deposit or any balance will be returned within 30 days to You once your agreement has ended and when You have settled Your account. We will deduct any outstanding fees and other costs due to Us before returning the balance to You. We may require You to pay an increased retainer if the monthly office or virtual office fee increases upon renewal, outstanding fees exceed the service retainer/deposit held and/or You frequently fail to pay invoices when due.
Item 3.02 Unregistered Sales of Equity Securities As previously reported in a Current Report on Form 8-K filed on April 12, 2024, on April 8, the Board of Directors of Next Technology Holding Inc., a Wyoming corporation (the “Company”), approved the issuance of an aggregate of 411,280 shares of common stock of the Company (the “Common Stock”) to several professional parties (collectively, “Consultants”) at a per share purchase price of US$4.8 per share for an aggregate price of US$1,974,140, in exchange for the settlement and full satisfaction of the outstanding and unpaid professional fees owed by the Company to these Consultants in the total amount of US$1,974,140 (the “Outstanding Fees”).
6.Conveyance by Prior Trustee. The Prior Trustee hereby conveys, assigns, transfers and delivers to the Successor Trustee and to its successors and assigns, without recourse, but otherwise subject to the terms hereof, and upon the trusts expressed in the Indentures, all the rights, powers, privileges, obligations and trusts of the Prior Trustee as Trustee, and if applicable, as escrow agent or custodian, under and pursuant to the Indentures, and all property and money, if any, held by or under the control of the Prior Trustee as Trustee under each of the Indentures, other than amounts deducted to pay or reimburse the Prior Trustee for the outstanding fees and expenses of the Prior Trustee as of the Effective Date, together with all records and documents in any way relating thereto, other than as specified in Section 3(b) above, including any and all right, title and interest in and to the Bonds. The Prior Trustee hereby agrees to transfer all money and property held by it or under its control as Trustee for the Bonds to the Successor Trustee, other than amounts deducted to pay or reimburse the Prior Trustee for the outstanding fees and expenses of the Prior Trustee as of the Effective Date.
4.8 Proceeds upon Sale of Securities. Upon disposing of any Securities, the Administrative Agent shall apply 100% of the Net Cash Proceeds (as defined in the Credit Agreement) from such disposition as the mandatory prepayment of any unpaid Post-Paydown Outstanding Fees (as defined in the Paydown Letter as referred to in Amendment No. 1 to this Agreement); provided, that the amount of direct costs of non-Affiliates (as defined in the Credit Agreement) relating to such disposition (including sales and underwriters’ commissions) shall not exceed $681,227 in the aggregate for all such dispositions; and, if such proceeds exceed such Post-Paydown Outstanding Fees, the Administrative Agent shall remit such excess amount to the Company.
3. confirms that the undersigned has received payment of all outstanding fees and other amounts owed by the Corporation to the undersigned by virtue of having been a director, officer, employee, fiduciary, shareholder, creditor or representative of the Corporation.
An outstanding fee refers to any amount of money that is owed but has not yet been paid. This term is commonly used in various fields such as finance, education, healthcare, and business to denote overdue payments. Outstanding fees can accumulate interest or late fees over time, increasing the amount owed.
You should use the term “outstanding fee” when discussing any unpaid obligations or overdue payments. This can apply to:
When writing about outstanding fees, clarity and precision are key. Below are some example sentences:
“The outstanding fee for the services provided needs to be settled by the end of the month.”
“Please be advised that there is an outstanding fee of $200 on your account.”
“Failure to pay the outstanding fee may result in additional late charges.”
The term “outstanding fee” is commonly included in various contractual agreements, such as:
The inclusion of “outstanding fee” clauses helps clarify the responsibilities of both parties and the consequences of non-payment.
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Dive deeper into the world of clauses and learn more about these other clauses that are used in real contracts.
The Ownership of Deliverables clause specifies who retains the rights to the outputs or products created under a contract. It typically determines whether the client or the contractor holds intellectual property rights, ensuring clarity on the use, modification, and distribution of the deliverables.
The "Ownership of Proprietary Information" clause establishes that any proprietary information or intellectual property created, disclosed, or accessed during the course of the agreement remains the exclusive property of the originating party. This clause also typically includes provisions outlining how such information should be handled, protected, and used by the receiving party to prevent unauthorized disclosure or misuse.
The "Ownership of Work Product" clause establishes that any work product created by a contractor or employee as part of their role is the exclusive property of the hiring entity, and outlines the transfer of intellectual property rights. It ensures that the employer or client retains full ownership and control over all materials, ideas, and inventions generated during the course of the project or employment.
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