Common use of Distributable Cash from Operations Clause in Contracts

Distributable Cash from Operations. Distributable cash shall be distributed at least once per year on or before the 120th day following the end of the Resort's fiscal year and shall be distributed and applied in the following order of priority: (A) Special Loan prepayments required to be deposited in escrow in respect of such fiscal year for the benefit of the GDB pursuant to the GDB Loans. (B) Payment of the Preferred Return to the KG General Partner and the Class A Limited Partners for such fiscal year to the extent not previously paid from Distributable Cash from a Capital Transaction. If the Distributable Cash is insufficient to pay such Preferred Return in full, then the Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the KG General Partner and Class A Limited Partners and the amount of any Preferred Return unpaid shall become Deferred Preferred Return. (C) Payment of any Deferred Preferred Return to the KG General Partner and the Class A Limited Partners. If such Distributable Cash is insufficient to pay such Deferred Preferred Return in full, then such Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the KG General Partner and Class A Limited Partners and shall be applied first to the interest portion of such Deferred Preferred Return and then to the oldest Preferred Return portions. (D) Payment of the Preferred Return to the WKA General Partner and Class B Limited Partners for such fiscal year to the extent not previously paid from Distributable Cash from a Capital Transaction. If such Distributable Cash is insufficient to pay such Preferred Return in full, then such Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the WKA General Partner and Class B Limited Partners and the amount of any Preferred Return unpaid shall become Deferred Preferred Return. (E) Payment of any Deferred Preferred Return to the WKA General Partner and Class B Limited Partners. If such Distributable Cash is insufficient to pay such Deferred Preferred Return in full, then such Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the WKA General Partner and the Class B Limited Partners and shall be applied first to the interest portion of such Deferred Preferred Return and then to the oldest Preferred Return portions. (F) Payments of Supplemental Preferred Returns to the Partners in accordance with their Unrecovered Supplemental Contributions. If the Distributable Cash is insufficient to pay such Supplemental Preferred Returns in full, then the Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Supplemental Contribution bear to the aggregate Unrecovered Supplemental Contributions of all Partners. (G) Payment of the Supplemental Deferred Preferred Return to all Partners. If such Distributable Cash is insufficient to pay such Supplemental Deferred Preferred Return in full, then such Distributable Cash shall be paid to each Partner in the same ratio as such Partner's Unrecovered Supplemental Contributions bear to the aggregate Unrecovered Supplemental Contributions of all Partners and shall be applied first to the interest portion of such Supplemental Deferred Preferred Return and then to the oldest Supplemental Preferred Return portions. (H) Payment of the Incentive Management Fee. (I) Any balance remaining shall be paid to the Partners in accordance with their Residual Partnership Interests.

Distributable Cash from Operations. Subject to the restrictions, if any, contained in the First Mortgage Loan Documents so long as the First Mortgage Loan remains outstanding, Distributable cash Cash shall be distributed at least once per year on or before the 120th day following the end of the Resort's fiscal year Fiscal Year and shall be distributed and applied in the following order of priority: (A) Special Loan prepayments required to be deposited in escrow in respect of such fiscal year for the benefit of the GDB pursuant to the GDB Loans. (B) 7.1.1 Payment of the Preferred Return to in respect of the KG General Partner Residual Partnership Interest and the Class A Limited Partners Residual Partnership Interest for such fiscal year Fiscal Year to the extent not previously paid from Distributable Cash from a Capital Transaction. If the Distributable Cash is insufficient to pay such Preferred Return in full, then the Distributable Cash shall be paid to in respect of each such Partner Partner's General Residual Partnership Interest and Class A Residual Partnership Interest in the same ratio as such Partner's Unrecovered Capital as a General Partner and/or Class A Limited Partner bears to the aggregate Unrecovered Capital of the KG General Partner and Class A Limited Partners and the amount of any Preferred Return unpaid shall become Deferred Preferred Return. (C) 7.1.2 Payment of any Deferred Preferred Return to the KG General Partner and the Class A Limited PartnersPartners in respect of the General Residual Partnership Interest and the Class A Residual Partnership Interest. If such Distributable Cash is insufficient to pay such Deferred Preferred Return in full, then such Distributable Cash shall be paid to in respect of each such Partner Partner's General Residual Partnership Interest and Class A Residual Partnership Interest in the same ratio as such Partner's Unrecovered Capital as a General Partner and/or Class A Limited Partner bears to the aggregate Unrecovered Capital of the KG General Partner and Class A Limited Partners and shall be applied first to the interest portion of such Deferred Preferred Return and then to the oldest Preferred Return portions. (D) 7.1.3 Payment of the Preferred Return to the WKA General Partner and Class B Limited Partners for such fiscal year Fiscal Year to the extent not previously paid from Distributable Cash from a Capital Transaction. If such Distributable Cash is insufficient to pay such Preferred Return in full, then such Distributable Cash shall be paid to in respect of each such Partner Partner's Class B Residual Partnership Interest in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the WKA General Partner and Class B Limited Partners and the amount of any Preferred Return unpaid shall become Deferred Preferred Return. (E) 7.1.4 Payment of any Deferred Preferred Return to the WKA General Partner and Class B Limited PartnersPartners in respect of the Class B Residual Partnership Interest. If such Distributable Cash is insufficient to pay such Deferred Preferred Return in full, then such Distributable Cash shall be paid to in respect of each such Partner Partner's Class B Residual Partnership Interest in the same ratio as such Partner's Unrecovered Capital bears to the aggregate Unrecovered Capital of the WKA General Partner and the Class B Limited Partners and shall be applied first to the interest portion of such Deferred Preferred Return and then to the oldest Preferred Return portions. (F) Payments of Supplemental Preferred Returns to the Partners in accordance with their Unrecovered Supplemental Contributions. If the Distributable Cash is insufficient to pay such Supplemental Preferred Returns in full, then the Distributable Cash shall be paid to each such Partner in the same ratio as such Partner's Unrecovered Supplemental Contribution bear to the aggregate Unrecovered Supplemental Contributions of all Partners. (G) Payment of the Supplemental Deferred Preferred Return to all Partners. If such Distributable Cash is insufficient to pay such Supplemental Deferred Preferred Return in full, then such Distributable Cash shall be paid to each Partner in the same ratio as such Partner's Unrecovered Supplemental Contributions bear to the aggregate Unrecovered Supplemental Contributions of all Partners and shall be applied first to the interest portion of such Supplemental Deferred Preferred Return and then to the oldest Supplemental Preferred Return portions. (H) Payment of the Incentive Management Fee. (I) Any balance remaining shall be paid to the Partners in accordance with their Residual Partnership Interests.