Common use of Negative Subsequent Divestments Clause in Contracts

Negative Subsequent Divestments. If, following the second or any subsequent divestment of VCF Portfolio Securities that occurs within a VCF Incentive Fee Period, the Compound Gains on all Divested VCF Portfolio Securities divested within that VCF Incentive Fee Period, whether that is a positive or negative number, ("Third Value") is less than the Compound Gains on all Divested VCF Portfolio Securities previously divested within the same VCF Incentive Fee Period which is, itself, a positive number ("Fourth Value"), the Manager shall refund to the Company 20% of the difference between the Third Value and the Fourth Value; provided that the Manager shall never be required to refund a greater amount of VCF Incentive Fee in any VCF Incentive Fee Period than it has received within that VCF Incentive Fee Period.