Common use of Distribution of Operating Profit Clause in Contracts

Distribution of Operating Profit. A. For each Fiscal Year until the earlier to occur of (i) satisfaction in full of all obligations of Landlord under the Combined Loan Documents, or (ii) a foreclosure, deed in lieu of foreclosure or any other transfer having taken place as to all Hotels under any of the Combined Loan Documents, Operating Profit, to the extent available, shall be distributed by Tenant as follows (without duplication): 1. First, an amount equal to Debt Service shall be paid to Landlord to be used to pay such obligations; then 2. An amount equal to administrative expenses of Landlord, as set forth on Exhibit G attached hereto, in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in Fiscal Year 1994, and thereafter an amount equal to Two Hundred Fifty Thousand Dollars ($250,000) as adjusted upward each Fiscal Year so that such amount reflects the percentage increase in the CPI as announced for November of the immediately preceding Fiscal Year over the CPI announced for December 1993, provided that if such percentage increase is a negative number in any given Fiscal Year, then there shall be no increase in such amount over the previous Fiscal Year, shall be paid to Landlord, provided that, with respect to interim amounts paid to Landlord pursuant to Section 5.04, the amount of Operating Profit paid to Landlord pursuant to this subsection shall be limited to the amount of such expenses for which Tenant has received written notice from Landlord no later than five (5) days after the last day of the Accounting Period for which the interim payment is being made and provided that such notice contains an itemized listing of the expenses for which the distribution is to be made; then 3. On Landlord's behalf, an amount equal to the Current Ground Rent due under all MT Ground Leases shall be paid (prorata, if necessary) to the MI Ground Lessors; then 4. a. For such time as the outstanding principal balance under the Loan Agreements is greater than Three Hundred Million Dollars ($300,000,000) as of the last day of the Cumulative Tenant Period as computed by Agent in accordance with the Loan Agreements, any and all remaining Operating Profit shall be paid to Landlord to be used to pay the Excess Principal Payments;

Distribution of Operating Profit. A. For each Fiscal Year until the earlier to occur of (i) satisfaction in full of all obligations of Landlord under the Combined Loan Documents, or (ii) a foreclosure, deed in lieu of foreclosure or any other transfer having taken place as to all Hotels under any of the Combined Loan DocumentsYear, Operating Profit, to the extent available, shall be distributed by Tenant as follows (without duplication): 1. First, an amount equal to Debt Service shall be paid to Landlord to be used to pay such obligations; then 2. An amount equal to administrative expenses of Landlord, as set forth on Exhibit G attached hereto, in an aggregate amount not to exceed Two Hundred Fifty Thousand Dollars ($250,000) in Fiscal Year 1994, and thereafter an amount equal to Two Hundred Fifty Thousand Dollars ($250,000) as adjusted upward each Fiscal Year so that such amount reflects the percentage increase in the CPI as announced for November of the immediately preceding Fiscal Year over the CPI announced for December 1993, provided that if such percentage increase is a negative number in any given Fiscal Year, then there shall be no increase in such amount over the previous Fiscal Year, shall be paid to Landlord, provided that, with respect to interim amounts paid to Landlord pursuant to Section 5.04, the amount of Operating Profit paid to Landlord pursuant to this subsection shall be limited to the amount of such expenses for which Tenant has received written notice from Landlord no later than five (5) days after the last day of the Accounting Period for which the interim payment is being made and provided that such notice contains an itemized listing of the expenses for which the distribution is to be made; then[Intentionally omitted] 3. On Landlord's behalf, an amount equal to the Current Ground Rent due under all MT the Ground Leases Lease shall be paid (prorata, if necessary) by Tenant to the MI Ground LessorsLessor; then 4. a. For An amount equal to the Deferred Ground Rent, plus interest accrued thereon, on the Ground Lease shall be paid, to the extent not previously reimbursed to the Ground Lessor, on Landlord's behalf, to the Ground Lessor; then 5. An amount equal to all payments made by MI to the Lender under the Debt Service Guaranty, plus interest accrued thereon, shall be paid, to the extent not previously reimbursed to MI, on landlord's behalf, to MI; then 6. An amount equal to all payments made by HM to the Lenders under the Debt Service Guaranty plus interest accrued thereon, as evidenced by the Reimbursement Agreement (as defined in the Loan Documents) and the Reimbursement Note (as defined in the Loan Documents), shall be paid to Landlord, to the extent not previously reimbursed to HM, to be used to repay HM for making such time as payments; then 7. [Intentionally omitted] 8. An amount equal to the excess, if any, of Annual Rent over Debt Service, up to but not exceeding fifty percent (50%) of such remaining Operating Profit, shall be paid to Landlord; then 9. An amount equal to the unrefunded Additional Rent shall be retained by Tenant to be applied by Tenant to the refund of such Additional Rent; then 10. An amount equal to the outstanding principal balance under of any Foreclosure Avoidance Loans, including interest accrued thereon as evidenced by the Loan Agreements is greater than Three Hundred Million Dollars ($300,000,000) as promissory note provided for in Section 5.05, shall be retained by Tenant and applied by Tenant to repayment of the last day Foreclosure Avoidance Loans; then 11. [Intentionally omitted] 12. If the amount paid to Landlord under Section 5.03.8 was less than the excess of the Cumulative Tenant Period as computed by Agent in accordance with the Loan AgreementsAnnual Rent over Debt Service, any then an amount equal to such deficiency shall be paid to Landlord; and then 13. Any and all remaining Operating Profit shall be paid to Landlord to be used to pay the Excess Principal Payments;retained by Tenant.