Utilization of Gross Receipts. (a) Subject to Section 4.1(c), Gross Receipts, if any, received from time to time, shall be utilized and distributed (as Outflows) in the following order of priorities:
(i) to pay all amounts owing on account of General Expenses;
(ii) to pay amounts owing on account of Permitted Borrowing and other secured indebtedness permitted under this Agreement;
(iii) to pay any other amounts on account of Outflows;
(iv) to hold back as a cash reserve the Ottawa 67’s Reserve;
(v) to pay to the General Partner a five percent (5%) cumulative, but not compounded, rate of return on the amount of capital Contributed by the General Partner pursuant to Section 3.1(b); and
(vi) to distribute the balance as Net Cash Flow to the Limited Partner.
(b) Distributions of Gross Receipts as provided in subparagraph (a) shall be made monthly or as otherwise determined by the General Partner.
(c) Net Cash Flow shall be determined on a monthly basis or for such other period as OSEG and the City determine pursuant to the Ottawa 67’s Shareholder’s Agreement.
Utilization of Gross Receipts. (a) Subject to Section 4.1(c), Gross Receipts, if any, received from time to time, shall be utilized and distributed (as Outflows) in the following order of priorities:
(i) to pay all amounts owing on account of General Expenses;
(ii) to pay amounts owing on account of Permitted Borrowing;
(iii) to pay amounts payable in connection with the development, construction, leasing, alteration and other matters relating to the Stadium Component and the Stadium Improvements, including the Reserves (as defined in the Stadium Lease);
(iv) to pay any other amounts on account of monies owing with respect to Amounts Required for the Purposes of the Limited Partnership;
(v) to hold back as a cash reserve the Stadium Reserve;
(vi) to pay to the General Partner a five percent (5%) cumulative, but not compounded, rate of return on the amount of One Hundred Dollars ($100.00) Contributed by the General Partner pursuant to Section 3.2(a); and
(vii) to distribute the balance as Net Cash Flow to the Limited Partner.
(b) Distributions of Gross Receipts as provided in subparagraph (a) shall be made monthly or as otherwise determined by the General Partner.
(c) Net Cash Flow shall be determined on a monthly basis or for such other period as OSEG and the City determine pursuant to the Stadium Shareholder’s Agreement.
Utilization of Gross Receipts. (a) Subject to Section 4.1(c), Gross Receipts, if any, received from time to time, shall be utilized and distributed (as Outflows) in the following order of priorities:
(i) to pay all amounts owing on account of General Expenses;
(ii) to pay amounts owing on account of debt service with respect to Permitted Tenant Mortgages;
(iii) to pay amounts owing on account of Permitted Borrowing;
(iv) to pay amounts payable in connection with the development, construction, leasing, alteration and other matters relating to the Retail Component (including the Retail Fees);
(v) to pay any other amounts on account of monies owing with respect to Amounts Required for the Purposes of the Limited Partnership;
(vi) to hold back as a cash reserve the Retail Component Reserve;
(vii) to pay to the General Partner a five percent (5%) cumulative, but not compounded, rate of return on the amount of $100.00 Contributed by the General Partner pursuant to Section 3.2(a); and
(viii) to distribute the balance as Net Cash Flow to the Limited Partner.
(b) Distributions of Gross Receipts as provided in subparagraph (a) shall be made monthly or as otherwise determined by the General Partner.
(c) Notwithstanding the foregoing Sections 4.1(a) and (b), the Mortgage Surplus Amount as received by the General Partner shall be paid to the Limited Partner, which shall in turn use these proceeds to pay the Promissory Note as contemplated in the Master Limited Partnership Agreement.
(d) Net Cash Flow shall be determined on a monthly basis or for such other period as OSEG and the City determine pursuant to the Retail Shareholder’s Agreement.
Utilization of Gross Receipts. (a) Gross Receipts, if any, received from time to time shall be utilized at follows:
(i) firstly, to pay all amounts owing on account of General Expenses;
(ii) secondly, to satisfy amounts required to be paid on account of the Reserve, on a cumulative, but not compounded basis (to the extent there is a deficiency with respect thereto in the payments by the Stadium Limited Partnership under the Stadium Lease), provided that if there are insufficient Gross Receipts to make this payment, then OSEG shall Contribute the amount of the shortfall;
(iii) thirdly, to pay Amounts Required for the Purposes of the Component Limited Partnerships, other than the Reserve;
(iv) fourthly, to the Promissory Note if then due and payable;
(v) fifthly, to holdback as a cash reserve such reasonable amount as shall be determined in accordance with the Master GP Shareholder’s Agreement, as required for future obligations under subparagraphs (i), (ii) and (iii) of this Section 5.1(a);
(vi) sixthly, to pay to the General Partner a five percent (5%) cumulative, but not compounded, rate of return on the capital contribution of One Hundred Dollars ($100) by the General Partner; and
(vii) seventhly, to distribute the balance as Net Cash Flow pursuant to the Waterfall set out below.
