Application of Revenue. The Provider acknowledges that the receiver will apply the gross revenue from the Development, which it recovers or receives from time to time, as follows: a. firstly, in payment of all costs, charges and expenses of or incidental to the appointment of the receiver and the exercise by it of all or any of its powers, including the reasonable remuneration of the receiver which is to be approved by BC Housing, and all outgoings properly payable by the receiver, together with all legal costs in respect thereof on a solicitor and client basis; b. secondly, in payment of all operating expenses for the Development; c. thirdly, if required by BC Housing, in repayment of any applicable subsidies and accumulated funds; and d. lastly, to pay any balance to BC Housing.
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Sources: Operating Agreement, Operating Agreement, Investment in Affordable Housing Operating Agreement
Application of Revenue. The Provider acknowledges that the receiver will apply the gross revenue from the Development, which it recovers or receives from time to time, as follows:
a. firstly, in payment of all costs, charges and expenses of or incidental to the appointment of the receiver and the exercise by it of all or any of its powers, including the reasonable remuneration of the receiver which is to be approved by BC Housing, and all outgoings properly payable by the receiver, together with all legal costs in respect thereof on a solicitor and client basis;
b. secondly, in payment of all operating expenses for the Development;
c. thirdly, if required by BC Housing, in repayment of any applicable subsidies and accumulated funds; and
d. lastly▇. ▇▇▇▇▇▇, to pay any balance to BC Housing.
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