Common use of Operating Fee Clause in Contracts

Operating Fee. An Operating Fee shall be payable to the Manager for each Operating Year on a quarterly basis in arrears for Services rendered with respect thereto. The Operating Fee shall be payable as follows: (i) For the first Operating Year Nine Hundred Thousand United States Dollars ($U.S. 900,000.00); (ii) For each of the second, third and fourth Operating Years Nine Hundred thousand United States Dollars ($U.S. 900,000.00) PROVIDED THAT the fee payable shall be adjusted at the commencement of each said year by reference to the following formula:- $U.S. 900.000.00 A ---------------- X - 1 B where A = the C.P.I. most recently published at the conclusion of the Operating Year immediately preceding each Operating Year referred to in this sub-paragraph (ii). B = C.P.I. most recently published at the commencement of the first Operating Year; (b) For each of the fifth, sixth, seventh, eighth, ninth and tenth Operating Years Six Hundred and Seventy-Five Thousand United States Dollars ($U.S. 675,000.00) PROVIDED THAT the fee payable shall be adjusted at the commencement of each said year by reference to the following formula: $U.S. 675,000.00 A ---------------- X - 1 B where the factors "A" and "B" have the same meanings as in the preceding sub-paragraph (a) of this paragraph 5.