Common use of Operating Profit Clause in Contracts

Operating Profit. A. Operating Profit shall be distributed to Owner and to Manager in the following order of priority: 1. an amount equal to Owner's Priority shall be paid to Owner; 2. if Manager is entitled to same, the Short-Term Incentive Fee shall be paid to Manager; and 3. any remaining balance of Operating Profit shall be paid to Owner. B. To the extent of available Operating Profit with respect to each Calendar Quarter, Manager shall distribute (within twenty (20) days after the end of each Calendar Quarter) a prorated portion of the Owner's Priority to Owner each such Calendar Quarter, and shall be entitled to retain a prorated portion of the Short-Term Incentive Fee for each such Calendar Quarter based on its good faith estimate of the Short-Term Incentive Fee for the full Fiscal Year. C. All distributions to Owner shall be made concurrently with the delivery of Manager's Quarterly Statement.