Distribution of Operating Profit Sample Clauses

Distribution of Operating Profit. Distribution of the employees' share of Net Operating Profit as determined under the Plan for each calendar (Plan) year shall be made by the Company within ninety (90) days after the close of the Company's books for such calendar (Plan) year.
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Distribution of Operating Profit. A. For each Fiscal Year until the earlier to occur of (i) satisfaction in full of all obligations of Landlord under the Combined Loan Documents, or (ii) a foreclosure, deed in lieu of foreclosure or any other transfer having taken place as to all Hotels under any of the Combined Loan Documents, Operating Profit, to the extent available, shall be distributed by Tenant as follows (without duplication): 1. First, an amount equal to Debt Service shall be paid to Landlord to be used to pay such obligations; then 2. An amount equal to administrative expenses of Landlord, as set forth on Exhibit G attached hereto, in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in Fiscal Year 1994, and thereafter an amount equal to Two Hundred Fifty Thousand Dollars ($250,000) as adjusted upward each Fiscal Year so that such amount reflects the percentage increase in the CPI as announced for November of the immediately preceding Fiscal Year over the CPI announced for December 1993, provided that if such percentage increase is a negative number in any given Fiscal Year, then there shall be no increase in such amount over the previous Fiscal Year, shall be paid to Landlord, provided that, with respect to interim amounts paid to Landlord pursuant to Section 5.04, the amount of Operating Profit paid to Landlord pursuant to this subsection shall be limited to the amount of such expenses for which Tenant has received written notice from Landlord no later than five (5) days after the last day of the Accounting Period for which the interim payment is being made and provided that such notice contains an itemized listing of the expenses for which the distribution is to be made; then 3. On Landlord's behalf, an amount equal to the Current Ground Rent due under all MT Ground Leases shall be paid (prorata, if necessary) to the MI Ground Lessors; then 4. a. For such time as the outstanding principal balance under the Loan Agreements is greater than Three Hundred Million Dollars ($300,000,000) as of the last day of the Cumulative Tenant Period as computed by Agent in accordance with the Loan Agreements, any and all remaining Operating Profit shall be paid to Landlord to be used to pay the Excess Principal Payments;
Sample 1
Distribution of Operating Profit. In each Fiscal Year, Operating Profit shall be distributed to Owner and Management Company in accordance with the following priorities: A. Owner shall first receive an amount equal to the lesser of: (i) Owner's Priority; or (ii) Operating Profit. September 13, 1993 64 B. Management Company shall next receive the Base Management Fee; provided, however, that if, in any Fiscal Year the Base Management Fee exceeds Net Operating Profit, such Base Management Fee shall be deferred to the extent of such excess and such deferred sums shall become "Deferred Contingent Base Fees". C. Management Company shall next receive an amount equal to the Deferred Contingent Base Fees to the extent that Net Operating Profit is otherwise sufficient for such purposes. D. Management Company shall next receive an amount equal to the Incentive Management Fee. E. Owner shall receive all Operating Profit remaining after the distributions made pursuant to the preceding subparagraphs of this Section 5.
Sample 1
Distribution of Operating Profit. 42 5.3 Accounting and Interim Payments .................................. 42 5.4 Accounting for Period Prior to Effective Date .................... 44 ARTICLE VI
Sample 1
Distribution of Operating Profit. With respect to each Fiscal Year during the Term, Operating Profit for such Fiscal Year (to the extent available) shall be distributed to Owner and to Manager in the following order of priority: A. first, an amount equal to Owner’s Priority shall be paid to Owner; B. second, any Incentive Management Fee shall be paid to Manager; and C. third, any remaining balance of Operating Profit shall be paid to Owner. Such distributions shall be made on an interim basis in accordance with the specific provisions of the Pooling Agreement for so long as the Hotel is a “Pooled Hotel” thereunder and pursuant to Section 3.02 and Section 4.01 of this Agreement if the Hotel is no longer a Pooled Hotel.
Sample 1
Distribution of Operating Profit. With respect to each Fiscal Year during the Term, Operating Profit for such Fiscal Year (to the extent available) shall be distributed to Owner and to Manager in the following order of priority: A. first, an amount equal to Owner’s Priority shall be paid to Owner; B. second, any Incentive Management Fee shall be paid to Manager; and C. third, any remaining balance of Operating Profit shall be paid to Owner. Such distributions shall be made on an interim basis in accordance with Section 4.01.B below.
Sample 1
Distribution of Operating Profit. 28 5.04 Accounting and Interim Payment...................................34 5.05 Advances to Avoid Foreclosure....................................35 5.06 Application of Sale and Loan Proceeds............................35
Sample 1
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Related to Distribution of Operating Profit

  • Payment of Operating Expenses Subject to the provisions of Section 6.08(c), Borrower will (i) pay the expenses of operating, managing, maintaining and repairing the Mortgaged Property (including utilities, Repairs and Capital Replacements) before the last date upon which each such payment may be made without any penalty or interest charge being added, and (ii) pay Insurance premiums at least 30 days prior to the expiration date of each policy of Insurance, unless applicable law specifies some lesser period.

  • Definition of Operating Expenses Operating Expenses" shall mean and include all expenses incurred and payable in connection with the ownership, operation, maintenance, repair and management of the Premises and the improvements thereon and, without restricting the generality of the foregoing, shall include:

  • Duration of Operating Expense Limit The Operating Expense Limit with respect to the Fund shall remain in effect during the term of this Agreement.

  • Distribution of Financial Contribution The financial contribution of the Funding Authority to the Project shall be distributed by the Coordinator according to: - the Consortium Plan - the approval of reports by the Funding Authority, and - the provisions of payment in Section 7.3. A Party shall be funded only for its tasks carried out in accordance with the Consortium Plan.

  • Cessation of Operations Any cessation of operations by Borrower or Borrower admits it is otherwise generally unable to pay its debts as such debts become due, provided, however, that any disclosure of the Borrower’s ability to continue as a “going concern” shall not be an admission that the Borrower cannot pay its debts as they become due.

  • Statement of Operations Statement of Changes in Net Assets.

  • PERIOD OF OPERATION Subject to certification, this Agreement shall come into force from the first pay period commencing on or after 1st December 2002 and shall remain in force until 31 October 2005.

  • Distribution of Overtime Overtime shall be distributed as equally as feasible among qualified employees customarily performing the kind of work required, and currently assigned to the work unit in which the overtime is to be worked. When the assignment of overtime work causes an unusual burden upon the employee, the employee shall not be required to work overtime unless the absence would cause the Agency to be unable to meet its responsibilities.

  • Hours of Operation Tenant will carry on its business diligently and continuously in the Premises and will keep the Premises open for business not less than sixteen (16) consecutive hours each day seven (7) days per week, including holidays. Director or his/her representative may, from time to time, change such required hours of operation, in which event, Tenant will remain open during such revised hours. Similarly, Tenant may, from time to time, request to revise its hours of operation. Such change must be approved by Director or his/her representative, in writing, prior to its occurrence. Tenant may not, at any time, vacate or abandon the Premises.

  • Allocation of Profit and Loss Section 5.01 of the Partnership Agreement is hereby deleted in its entirety and the following new Section 5.01 is inserted in its place:

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