Common use of Distribution of Net Operating Income Clause in Contracts

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. Net Operating Income for each fiscal year shall be distributed at within seventy-five (75) days following each calendar quarter after the establishment of the Operating Reserve year 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; (db) to pay interest and then principal on the Development Fee; (ec) to pay the Operating Loans, if any, as referenced in Section 6.2(b) of this Agreement, limited from the Net Operating Income remaining after reduction for the payments made pursuant to 50subsections (a) and (b) of this Section 11.1; (d) to pay the Incentive Management Fee from 70% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) through (dc) of this Section 11.1; (f) to pay the Management Compliance Monitoring Fee pursuant to Section 9.2(e) of this Agreement;; and