Common use of Payments to the Manager Clause in Contracts

Payments to the Manager. 2.1 The Issuer shall pay to the Manager the following: (a) 2% of total commitment of all the Convertible Bonds (not on amount called) as annual management fee, payable quarterly in advance, with the first payment made on signing of the Investment Management Agreement Provided That such management fee shall be adjusted only in the event of default of the subscriber(s) of the Convertible Bonds in paying up such commitment; and (b) Carried Interest (subject to an 8% hurdle rate) arising from the Underlying Assets (excluding the Exchange Amount as defined in Condition 8.2), (if there is IPO) payable with effect from the IPO, and thereafter with effect from the end of each subsequent financial year of the Issuer; or (if there is no IPO) payable on redemption of the Convertible Bonds or liquidation of the Issuer (as the case may be).