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If the SPV exits before the 3 years of bunch fee called up front, does the SPV get refunded for the years not used?
If the SPV exits before the 3 years of bunch fee called up front, does the SPV get refunded for the years not used?
Updated over a year ago

German SPVs are obligated to pay the full yearly fee during the year of incorporation and divestment. Any remaining funds in the SPV's bank account beyond these invoicing terms will be returned to investors pro-rata as part of the entity's divestment process.

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