Operating Profit. A. Operating Profit, to the extent available, shall be distributed to Owner and to Manager in the following order of priority, except as otherwise provided in this Agreement:
1. An amount up to the maximum amount of Owner’s Priority shall be paid to Owner;
2. The Incentive Management Fee shall be paid to Manager; and
3. Any remaining balance of Operating Profit shall be paid to Owner. Owner’s Priority shall not be cumulative from one Fiscal Year to the next, and to the extent the maximum amount of Owner’s Priority is unpaid in any Fiscal Year, such unpaid amount shall not accrue and shall not be payable in any subsequent Fiscal Year. Notwithstanding anything in this Agreement to the contrary, Manager acknowledges and agrees that Incentive Management Fees are only payable (i) annually within thirty (30) days after Owner’s receipt and acceptance of the Annual Operating Statement, (ii) to the extent of available Operating Profit after payment in full of Owner’s Priority and (iii) in no event shall Incentive Management Fees accrue or be deemed to accrue.
B. To the extent of available Operating Profit with respect to each Accounting Period, Manager shall distribute a prorated portion of the Owner’s Priority to Owner for each such Accounting Period in accordance with Section 4.01. Any Incentive Management Fee payable to Manager will be payable within thirty (30) days after Owner’s receipt and acceptance of the Annual Operating Statement.
Operating Profit. A. So long as the Pooling Agreement has not been terminated in accordance with its terms with respect to one or more of the Hotels, Operating Profit for such Hotels with respect to periods for which the Pooling Agreement was in effect shall be distributed, to the extent available, as provided in the Pooling Agreement and the provisions of Section 3.02.B shall not apply.
B. For any period during the Term after the termination of the Pooling Agreement in accordance with its terms with respect to one or more of the Hotels, Operating Profit for each such Hotel shall be distributed in the following order of priority:
1. First, to Tenant, in an amount equal to Tenant’s Priority for such Hotel.
2. Second, to Tenant, in an amount equal to the amount of rent due pursuant to the ground lease (if any) to which such Hotel is subject, as set forth on the applicable Addendum for such Hotel (the “Ground Lease Rent”).
3. Third, to Manager, in an amount equal to the Base Management Fee for such Hotel.
4. Fourth, pari passu, to (i) Tenant, in an amount necessary to reimburse Tenant for all Tenant Working Capital Advances and Tenant Operating Loss Advances made by Tenant, from time to time (collectively, “Tenant Advances”) with respect to such Hotel which have not yet been repaid by distributions pursuant to this Section 3.02.B(4), and (ii) to Marriott, in an amount necessary to reimburse Marriott or any Affiliate for all Additional Marriott Advances made by Marriott or any Affiliate (including Manager) allocable to such Hotel and all Additional Manager Advances from time to time which have not yet been repaid by distributions pursuant to this Section 3.02.B(4). If at any time the amounts available for distribution to Tenant and Marriott with respect to a Hotel pursuant to this Section 3.02.B(4) (“Available Funds”) are insufficient (a) to repay to Tenant all outstanding Tenant Advances with respect to a Hotel (the “Sum Due Tenant”), and (b) to repay to Marriott all outstanding Additional Marriott Advances and Additional Manager Advances with respect to a Hotel (the “Sum Due Marriott”), then (x) Tenant shall be paid from the Available Funds for such Hotel the amount obtained by multiplying a number equal to the amount of the Available Funds by a fraction, the numerator of which is the Sum Due Tenant and the denominator of which is the sum of the Sum Due Tenant plus the Sum Due Marriott, and (y) Marriott shall be paid from the Available Funds the amount obtained by multiplying...
Operating Profit. A. Operating Profit, to the extent available, shall be distributed to Owner and to Manager in the following order of priority:
1. An amount up to the maximum amount of Owner's Priority shall be paid to Owner;
2. The Incentive Management Fee shall be paid to Manager; and
3. Any remaining balance of Operating Profit shall be paid to Owner. Owner's Priority is not cumulative from one Fiscal Year to the next, and to the extent the maximum amount of Owner's Priority is unpaid in any Fiscal Year, such unpaid amount shall not accrue or otherwise be payable in any subsequent Fiscal Year.
B. To the extent of available Operating Profit with respect to each Accounting Period, Manager shall distribute a prorated portion of the Owner's Priority to Owner for each such Accounting Period in accordance with Section 4.01.A., and shall be entitled to retain a prorated portion of the Incentive Management Fee, which shall be retained by Manager from Operating Profit in accordance with Section 3.02 and Section 4.01 for each such Accounting Period based on its good faith estimate of the Incentive Management Fee for the full Fiscal Year.
Operating Profit. 10 ARTICLE IV
Operating Profit. 4.1 The Operating Profit will be determined for each Period and will be obtained by subtracting the value that results from the sum of the Contractual Value of Hydrocarbons and other revenues indicated in subsection 8.5 of this Annex 3 in the relevant Month, Recoverable Costs Reimbursement and the Royalties actually paid to the State, in accordance with the following formula: Where: = Operating Profit in Period . = Additional revenues indicated in subsection 8.5 of this Annex 3. = Contractual Value of the Hydrocarbons in Period . CRt = Recovery of Costs in Period . Rt = Royalties actually paid to the State in Period .
Operating Profit. 8 ARTICLE IV ACCOUNTING, BOOKKEEPING AND BANK ACCOUNTS
Operating Profit. If Company orders and Foundry provides volume greater than 120% of the forecasted amount of Contract Wafers for a particular quarter then, with respect to the volume of qualified Contract Wafers exceeding 120% of the forecasted amount for such quarter, Foundry shall be entitled to fifty percent (50%) of the Operating Profit for such Wafers.
Operating Profit. A. Operating Profit shall be distributed to Owner and to Manager in the following order of priority:
1. an amount equal to Owner's Priority shall be paid to Owner;
2. if Manager is entitled to same, the Short-Term Incentive Fee shall be paid to Manager; and
3. any remaining balance of Operating Profit shall be paid to Owner.
B. To the extent of available Operating Profit with respect to each Calendar Quarter, Manager shall distribute (within twenty (20) days after the end of each Calendar Quarter) a prorated portion of the Owner's Priority to Owner each such Calendar Quarter, and shall be entitled to retain a prorated portion of the Short-Term Incentive Fee for each such Calendar Quarter based on its good faith estimate of the Short-Term Incentive Fee for the full Fiscal Year.
C. All distributions to Owner shall be made concurrently with the delivery of Manager's Quarterly Statement.
Operating Profit. Operating Profit" shall mean, with respect to any given period of time, the excess of Gross Revenues over Expenses, determined, subject to this Agreement, in accordance with Generally Accepted Accounting Principles.
Operating Profit. 5.4.1 Operator shall retain any Operating Profit in the DPAC operating account until the final Annual Independent Audit has been completed. Operator shall make any distributions of Operating Profit to the City and to itself within ten (10) working days after Operator provides the final Annual Independent Audit to the City in accordance with section 5.7.
5.4.2 Until the Fiscal Year commencing on July 1, 2014, Operating Profit as determined by the final Annual Independent Audit shall be split sixty percent (60%) to Operator (“Operator Share”) and forty percent (40%) to City (“City Share”).
5.4.3 As of July 1, 2014, the City and Operator will split Operating Profit as follows: $ 0 to $2,000,000 40% 60% $2,000,001 to $2,300,000 30% 70% $2,300,001 to $3,000,000 40% 60% $3,000,001 and above 20% 80% By way of example, if for a given Fiscal Year the total Operating Profit is $4,000,000.00 the distribution of Operating Profit share would be as follows: Operating Profit Ranges for $4,000,000 City Share Operator Share $ 0 to $2,000,000 $800,000 $1,200,000 $2,000,001 to $2,300,000 $90,000 $210,000 $2,300,001 to $3,000,000 $280,000 $420,000 $3,000,001 and above $200,000 $800,000
