Common use of Distribution of Net Operating Income Clause in Contracts

Distribution of Net Operating Income. Except as otherwise provided in this Agreement, and subject to any applicable restrictions on distributions imposed by HUD, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority: (a) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years; (b) to pay the principal and then interest on the Development Fee, not to exceed the amount set forth in the Amended and Restated Development Fee Agreement; (c) to pay amounts due and owing on the ▇▇▇▇▇▇ Bridge Loan, and the Guardian Management Loan, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) and (b) of this Section 11.1; (d) to pay the General Partner a return of the General Partner's Capital Account, until the General Partner has received an amount that is, in the aggregate, equal to the Book-Up Amount; (e) to pay the Operating Loans, if any, as referenced in Section 6.3 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 Incentive Management Fee; (g) to pay the Tax Credit Compliance Fee, (h) of the balance, 50% shall be paid to the Limited Partner, 0.01% shall be paid to the Special Limited Partner, and 49.99% shall be paid to the General Partner.

Distribution of Net Operating Income. Except as otherwise provided in this Agreement, and subject to any applicable restrictions on distributions imposed by HUD, Net Operating Income for each fiscal year shall be distributed within 75 days following each calendar year and shall be applied in the following order of priority: (a) to pay the current Asset Management Fee and then to pay any accrued Asset Management Fees which have not been paid in full from previous years; (b) to pay the principal and then interest on the Development Fee, not to exceed the amount set forth in the Amended and Restated Development Fee Agreement; (c) to pay amounts due and owing on the ▇▇▇▇▇▇ Bridge Loan, and the Guardian Management Loan, limited to 50% of the Net Operating Income remaining after reduction for the payments made pursuant to subsections (a) and (b) of this Section 11.1; (d) to pay the General Partner a return of the General Partner's Capital Account, until the General Partner has received an amount that is, in the aggregate, equal to the Book-Up Amount; (e) to pay the Operating Loans, if any, as referenced in Section 6.3 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 Incentive Management Fee; (g) to pay the Tax Credit Compliance Fee,; (h) of the balance, 50% shall be paid to the Limited Partner, 0.01% shall be paid to the Special Limited Partner, and 49.99% shall be paid to the General Partner.