Distribution of Net Operating Income. Except as otherwise provided, Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(c) to pay the Development Fee;
(d) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1;
(e) to pay the Incentive Management Fee;
(f) to pay the Tax Credit Compliance Fee; and
(g) the balance, 20% to the Limited Partner and 80% to the General Partner.
Distribution of Net Operating Income. Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years;
(c) to pay interest and then principal on the Development Fee;
(d) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1;
(e) to pay the Management Compliance Monitoring Fee of $8,333 pursuant to Section 9.2(e) of this Agreement;
(f) to pay the Incentive Management Fee from Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1; and
(g) to the Limited Partner in an amount equal to 20% of the remaining Net Operating Income and to the General Partner in an amount equal to 80% of the remaining Net Operating Income.
Distribution of Net Operating Income. Except as otherwise provided, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the balance of the current Asset Management Fee that was not paid monthly and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(c) to pay the principal and then interest on the Development Fee not to exceed the amount set forth in Exhibit B to the Development Fee Agreement;
(d) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1;
(e) to pay the Incentive Management Fee;
(f) to pay the Tax Credit Compliance Fee; and
(g) the balance, 24.99% to the Limited Partner, 0.01% to the Special Limited Partner and 75% to the General Partner.
Distribution of Net Operating Income. Except as otherwise provided, Net Operating Income for each fiscal year shall be distributed within seventy-five (75) days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(c) to pay the Development Fee; (d) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1;
Distribution of Net Operating Income. Net Operating Income shall be distributed at each calendar quarter after the establishment of the Operating Reserve and shall be applied in the following order of priority:
(a) to fund the Operating Reserve, if applicable;
(b) to pay the Deferred Management Fee, if any;
(c) to pay the current Reporting Fee and then to pay any accrued Reporting Fees which have not been paid in full from previous years;
(d) to pay interest and then principal on the Development Fee;
(e) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1;
(f) to pay the Management Compliance Monitoring Fee pursuant to Section 9.2(e) of this Agreement;
Distribution of Net Operating Income. Operator shall distribute to Ownerwithin seventeen (17) days after the close of business of each Accounting Period the Net Operating Income for such Account Period, less any amount required to restore the Operating Account cash reserves to an amount not less than the Working Capital (provided that there has been sufficient positive cash flow to build the Operating Account balance to such an amount). Owner may from time to time provide Operator with instructions regarding the distribution of cash flow for any purpose, including without limitation, satisfaction of reserve or other cash requirements established by Owner or any lender pursuant to any loan agreement, mortgage note, mortgage or other security instrument related to the Hotel. Operator shall thereupon make distributions only in accordance with such instructions.
Distribution of Net Operating Income. Net Operating Income (as defined herein) generated by the Property shall be disbursed as follows:
(i) Prior to March 1, 2001. Provided no Event of Default (as such term is defined in the Loan Documents) has occurred and is continuing, 100% of the Net Operating Income allocable to the period prior to March 1, 2001 shall be distributed to the Borrower;
(ii) On and After March 1, 2001. Provided no Event of Default has occurred and is continuing, $100,000 (or such proportional amount in the event the Property is not owned by the Borrower for a full calendar year) of the Net Operating Income allocable to the period on or after March 1, 2001 shall be distributed to Borrower annually (the "Expense Distribution"), and the remaining Net Operating Income shall be paid to the Lender. The Expense Distribution shall be paid to the Borrower in equal monthly installments to the extent of available Net Operating Income commencing April 1, 2001, and each month thereafter until such time as a Release Event has occurred and the Conveyance Documents have been delivered to Lender. Net Operating Income received by the Lender shall be applied first to current interest at 11.22%, next to accrued and unpaid interest, and the remaining to principal due under the Note. After delivery of the Conveyance Documents to Lender in accordance with the terms hereof, all of Borrower's right, title and interest to the Property, including without limitation Net Operating Income, shall terminate, and all Net Operating Income thereafter shall be the property of the Lender.
Distribution of Net Operating Income. Except as otherwise provided in this Agreement, and subject to any applicable restrictions on distributions imposed by HUD, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority:
(a) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(b) to pay the principal and then interest on the Development Fee, not to exceed the amount set forth in the Amended and Restated Development Fee Agreement;
(c) to pay amounts due and owing on the Xxxxxx Bridge Loan, and the Guardian Management Loan, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) and (b) of this Section 11.1;
(d) to pay the General Partner a return of the General Partner's Capital Account, until the General Partner has received an amount that is, in the aggregate, equal to the Book-Up Amount;
(e) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (d) of this Section 11.1;
(f) to pay the Incentive Management Fee;
(g) to pay the Tax Credit Compliance Fee;
(h) of the balance, 50% shall be paid to the Limited Partner, 0.01% shall be paid to the Special Limited Partner, and 49.99% shall be paid to the General Partner.
Distribution of Net Operating Income. Except as otherwise provided and subject to the requirements of RD regarding Partnership distributions, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(c) to pay the Development Fee;
(d) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement;
(e) of the balance, 19.99% shall be paid to the Limited Partner, 0.01% shall be paid to the Special Limited Partner, and 80% shall be paid as follows: 99.99% to pay the Incentive Management Fee and the Tax Credit Compliance Fee, and the balance, following payment of such fees, shall be paid to the General Partner.
Distribution of Net Operating Income. Except as otherwise provided, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority:
(a) to pay the Deferred Management Fee, if any;
(b) to pay the balance of the current Asset Management Fee that was not paid monthly and then to pay any accrued Asset Management Fees which have not been paid in full from previous years;
(c) to pay the principal and then interest on the Development Fee not to exceed the amount set forth in Exhibit B to the Development Fee Agreement;
(d) to pay the Operating Loans, if any, as referenced in Section 6.3 of this Agreement, limited to 100% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (c) of this Section 11.1;
(e) to pay the Incentive Management Fee;
(f) to pay the Tax Credit Compliance Fee; and
(g) the balance, 29.98% to the Limited Partner, 0.01% to the Georgia Limited Partner, 0.01% to the Special Limited Partner, 0.005% to the Non-Profit Limited Partner, and 69.995% to the General Partner.
