DEFERRAL OF BASE FEE AND INCENTIVE FEE Sample Clauses

DEFERRAL OF BASE FEE AND INCENTIVE FEE. Notwithstanding any contradictory provisions in the Statuts, the Management Company and the Operating Company agree that in the event that at the end of any Period, the Group’s cash was insufficient to pay the Debt Service in full as well as the Base Fee and Incentive Fee for that Period, the Operating Company will defer payment of Incentive Fee, and if such deferral is insufficient, payment of Base Fee which would be necessary to allow payment in full of Debt Service (or if the Group’s cash at the end of such Period is less than Debt Service, that part of the Debt Service which the available cash will cover) and the Operating Company will not be considered to have failed to comply with any obligation to the Management Company by reason of the deferral of the Incentive Fee and Base Fee pursuant to this Clause. The portion of Incentive Fee and Base Fee so deferred will accumulate and be paid by the Operating Company to the Management Company at the end of the First Period at the end of which the Group’s cash is sufficient for this purpose to the extent of available cash after payment in full of all Debt Service in respect of Periods expired after that date. No interest will accrue on the portion of Incentive fee so deferred. Interest will only accrue on 33 1/3% of Base Fee so deferred. Any portion of Incentive Fee and Base Fee deferred and remaining unpaid will only constitute an unsecured debt of the Operating Company.
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Related to DEFERRAL OF BASE FEE AND INCENTIVE FEE

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