Operating Profits. Subject to Section 6.2.C below, and after giving effect to the special allocations, if any, provided in Sections 6.2.D and E hereof, Profits in each fiscal year or other relevant period of the Partnership shall be allocated in the following order:
Operating Profits. For each Company Accounting Year, Profits from the Company's operations will be allocated among the Members in proportion to their then respective Percentage Interests.
Operating Profits. Manager shall be responsible for collecting all Gross Revenues and fees billed to residents and for paying Facility Expenses as agreed in the Approved Budget. All Gross Revenues shall be the exclusive property of the Owner and all cash collections of Gross Revenues shall be deposited promptly and directly into the Operating Account. In addition to, and without limitation of, Manager’s obligations under this Section 5.1 (or elsewhere under this Agreement), Manager shall be required to:
Operating Profits. The term "Operating Profits", as used herein, shall mean Gross Sales minus (a) all operating expenses of the Restaurant, including, but not limited to, insurance premiums, lease payments payable to the City of Miami under the Master Lease and valet parking charges; (b) all allocations made for training, marketing, and promotional expenses; (c) common area maintenance charges for the indoor portion of the restaurant (i.e. kitchen, covered loading areas/passageways, and dining/bar area upon completion) and real estate taxes payable under any leases affecting the Restaurant; (d) the Base Management Fee; (e) maintenance and repair costs; and (f) the Replacement Reserve Fund (as defined in Section 5.03), but before any deduction for (1) depreciation, (2) amortization, (3) debt service payments (principal and interest), or (4) capital expenditures. The foregoing items (1) through (4) shall be the responsibility of Owner at Owner's sole cost and expense.
Operating Profits. Manager shall be responsible for collecting all revenues and fees billed to Residents and for paying Facility Expenses as agreed in the Approved Budget. The Management Fee will be deducted from the Revenues as a Facility Expense.
Operating Profits. OR LOSSES. Prior to the initial closing of the sale of Units, the Profits or Losses for Tax Purposes of the Partnership shall be allocated to the Corporate Limited Partner and the General Partners in proportion to their respective Capital Contributions. For purposes of this section, if the initial closing of the sale of Units occurs (1) on any of the first fifteen days of a month, then such closing shall be deemed to have occurred on the first day of such month, or (2) on any other day of a month, then such closing shall be deemed to have occurred on the first day of the following month. Commencing with the effective date of the initial closing of the sale of Units, the Profits or Losses for Tax Purposes of the Partnership, other than Profits or Losses of the Partnership arising from a Capital Transaction and the Terminating Capital Transaction, for each fiscal year (or portion thereof) shall be determined as of the end of such fiscal year, or portion thereof, and allocated ninety-eight percent (98%) to the class comprised of the Limited Partners, and two percent (2%) to the class comprised of the General Partners.
Operating Profits. Operating Profits of the Partnership accuring ----------------- after the Second Capital Contribution Date shall be allocated among the Partners as follows: the Preferred Limited Partnership Interest is treated for federal income tax purposes as other than a partnership distribution under Code Section 731, no amount of Operating Profits shall be allocated to the Preferred Limited Partner pursuant to this subsection with respect to such distribution, but the Common Limited Partner and the General Partner will nonetheless be allocated an amount of Operating Profits equal to the amount they would have been allocated if this proviso had not been in effect.
Operating Profits. Manager shall collect all Gross Revenues and pay Facility Expenses as set forth in the Approved Budget. All Fees due to Manager under this Agreement will be paid to Manager directly from the Gross Revenues. Notwithstanding the foregoing, Manager shall not require Tenant’s consent for expenditures that deviate from the Approved Budget solely to the extent that (i) any expense actually incurred for any line item does not deviate from the amount provided for said line item in the Approved Budget by more than the lesser of 5% or three thousand and no/100 dollars ($3,000.00) and (ii) the aggregate amount of Facility Expenses actually incurred for a Fiscal Year does not deviate from the amount provided for the Facility Expenses in the Approved Budget by more than 5%. Subject to Article XI (Repairs and Maintenance), Manager shall not require Tenant’s consent for expenditures that deviate from the Approved Budget that are necessary to remedy or respond to an Emergency Requirement and obtaining such consent would materially impair Manager’s ability to respond to such Emergency Requirement by the terms of this Agreement and Emergency Requirements.
Operating Profits. Except as provided in Section 13.2(c), Operating Profits of the Partnership shall be allocated between the GE Capital Limited Partner and the Other Partners as follows:
Operating Profits. For each Allocation Year, Profits of the Company shall be allocated among the Members in the following order of priority, it being acknowledged, however, that prior to making such allocations, Capital Accounts shall first be reduced by distributions made during such Allocation Year:
