Distributable Cash from Subsidiary Operations. “Distributable Cash from Subsidiary Operations” shall mean, for any Fiscal Year, or portion thereof, revenues of the TRS SUB derived from the operation of the Property and received in cash during such Fiscal Year, or portion thereof, and reserves set aside out of revenues during prior periods and no longer needed for the TRS SUB’s business, less the sum of (a) operating and administrative expenses of the applicable Subsidiary including, without limitation, Taxes, consultant fees and/or audit costs (but excluding amounts paid from the Company’s reserves or funds provided by Capital Contributions and paid during such Fiscal Year (or portion thereof) for such costs and expenses); (b) debt service and partnership costs (as set forth in the Initial LLC Budget or any subsequent Annual LLC Budget), including all outstanding Member Loans; and (c) reasonable reserves needed for the Company’s business for the remainder of such Fiscal Year and future periods based on the Initial LLC Budget or any subsequent Annual LLC Budget or otherwise approved by the Members (i.e., all Cash Reserves).
Distributable Cash from Subsidiary Operations. “Distributable Cash from Subsidiary Operations” shall mean, for any Fiscal Year, or portion thereof, revenues of the TRS SUB derived from the operation of the Property and received in cash during such Fiscal Year, or portion thereof, less reserves set aside out of revenues during prior periods (including the Reserve as required under the Hotel Management Agreement) and less the sum of (a) operating and administrative expenses of the applicable Subsidiary including, without limitation, Taxes, consultant fees and/or audit costs (but excluding amounts paid from the Company’s reserves or funds provided by Capital Contributions and paid during such Fiscal Year (or portion thereof) for such costs and expenses); (b) debt service and Company costs (as set forth in the Initial Budget or any subsequent Approved Company Budget), including all outstanding loans made to the Company pursuant to Section 6.3(b); (c) lease payments to the Company; and (d) reasonable working capital reserves needed for the Company’s administrative expenses business for the remainder of such Fiscal Year based on the Initial Budget or any subsequent Approved Company Budget.
Distributable Cash from Subsidiary Operations. “Distributable Cash from Subsidiary Operations” shall mean, for any Fiscal Year, or portion thereof, revenues of the applicable Subsidiary received in cash during such Fiscal Year, or portion thereof, and reserves set aside out of revenues during prior periods and no longer needed for the such Subsidiary’s business, less the sum of (i) operating and administrative expenses of the applicable Company Subsidiary including, without limitation, Taxes, consultant fees and/or audit costs (but excluding amounts paid from the Company’s reserves or funds provided by Capital Contributions and paid during such Fiscal Year (or portion thereof) for such costs and expenses); (ii) debt service and partnership costs (as set forth in the Initial Budget or any subsequent Approved Annual Budget); and (iii) reasonable reserves needed for the Company’s business for the remainder of such Fiscal Year and future periods based on the Initial Budget or any subsequent Approved Annual Budget or otherwise approved by the Members (i.e., all Cash Reserves).
