Owner’s Priority definition

Owner’s Priority means, for each Year or portion thereof, an amount equal to eight percent (8)% of Invested Capital.

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Owner’s Priority means the amount shown as Owner’s Priority on Schedule 1 attached hereto and made a part hereof, per Fiscal Year (prorated for any partial Fiscal Year) plus any accrued but unpaid Owner’s Priority for any prior Fiscal Year. Owner’s Priority for each Fiscal Year shall be paid to the extent of Operating Profit available in such Fiscal Year, as provided in Section 3.02 of this Agreement. In the event of any capital expenditures made with respect to the Hotel after the date of this Agreement that are in excess of the Reserve, the Owner’s Priority shall be increased (but not decreased) for the remaining portion of the Fiscal Year in which such capital expenditures are made and all subsequent Fiscal Years so as to equal a twelve percent (12%) return on an amount equal to the sum of (i) the initial investment of Owner (including the purchase price, transaction costs and cost of capital paid by Landlord) for the Hotel plus (ii) such excess capital expenditures.

Owner’s Priority means an amount per Fiscal Year (prorated for any partial Fiscal Year) equal to twelve percent (12%) of the Initial Investment. Owner's Priority for each Fiscal Year shall be paid to the extent of Operating Profit available in such Fiscal Year, as provided in Section 3.02 of this Agreement. During the Term, Owner's Priority automatically shall be increased by an amount equal to twelve percent (12%) of the cost of any Capital Expenditures funded by Owner pursuant to Section 5.03.

Examples of Owner’s Priority in a sentence

• The Aggregate Owner’s Priority shall be paid on the last Business Day of each calendar month, in arrears, in equal monthly installments, based upon Aggregate Invested Capital most recently reported to Manager by Owners.

• The Aggregate Owner’s Priority and Aggregate Owner’s Residual Payment shall be allocated among Owners as the Owners shall determine in their sole discretion and Manager shall have no responsibility or liability in connection therewith.

• Notwithstanding anything in this Agreement to the contrary, Manager acknowledges and agrees that Incentive Management Fees are only payable (i) annually within thirty (30) days after Owner’s receipt and acceptance of the Annual Operating Statement, (ii) to the extent of available Operating Profit after payment in full of Owner’s Priority and (iii) in no event shall Incentive Management Fees accrue or be deemed to accrue.

• In no event shall Incentive Management Fees accrue, nor shall any Incentive Management Fee be payable to Manager in respect of any Accounting Period (i) as to which there is an Operating Loss or (ii) as to which accrued Base Management Fees are payable to Manager or accrued Owner’s Priority is payable to Owner.

• To the extent of available Operating Profit with respect to each Accounting Period, Manager shall distribute a prorated portion of the Owner’s Priority (including any accrued and unpaid Owner’s Priority) to Owner for each such Accounting Period in accordance with Section 4.01.

More Definitions of Owner’s Priority

Owner’s Priority means the amount shown as Owner’s Priority on Schedule 1 attached hereto and made a part hereof, per Fiscal Year (prorated for any partial Fiscal Year). Owner’s Priority for each Fiscal Year shall be paid to the extent of Operating Profit available in such Fiscal Year, as provided in Section 3.02 of this Agreement. In the event of any capital expenditures made with respect to the Hotel after the date of this Agreement that are in excess of the Reserve, the Owner’s Priority shall be increased (but not decreased) for the remaining portion of the Fiscal Year in which such capital expenditures are made and all subsequent Fiscal Years so as to equal a twelve percent (12%) return on an amount equal to the sum of (i) the purchase price paid by Owner for the Hotel plus (ii) closing costs (including, without limitation, defeasance costs but excluding any brokerage fees or expenses incurred by Owner’s parent in connection with its public equity raise) plus (iii) such excess capital expenditures.

Owner’s Priority means an amount up to, but not in excess of the amount shown as Owner’s Priority in Schedule 1 attached hereto and made a part hereof, per Fiscal Year (prorated for any partial Fiscal Year) on a noncumulative basis. Owner’s Priority for each Fiscal Year shall be paid to the extent of Operating Profit available in such Fiscal Year, as provided in Section 3.02 of this Agreement. In the event of any Capital Expenditures from funds other than the Reserve, the Owner’s Priority shall be increased (but not decreased) for the remaining portion of the Fiscal Year in which such capital expenditures are made and all subsequent Fiscal Years so as to equal an eleven percent (11%) return on an amount equal to the sum of (i) the purchase price paid by Owner for the Hotel plus (ii) any such Capital Expenditures.

Owner’s Priority means the amount up to, but not in excess of, the amount specified on Schedule 1 hereto per Fiscal Year (prorated for any partial Fiscal Year). Owner’s Priority for each Fiscal Year shall be paid to the extent of Operating Profit available in such Fiscal Year, as provided in Section 3.02 of this Agreement. In the event of any capital expenditures made with respect to the Hotel after the date of this Agreement that are in excess of the Reserve, the Owner’s Priority shall be increased (but not decreased) for the remaining portion of the Fiscal Year in which such capital expenditures are made and all subsequent Fiscal Years so as to equal a twelve percent (12%) return on an amount equal to one hundred three percent (103%) of the sum of (i) the purchase price paid by Owner for the Hotel plus (ii) such capital expenditures.

Owner’s Priority means an annual amount equal to twelve percent (12%) of Owner's Investment.

Owner’s Priority means 20% multiplied by the amount of the Owner’s Investment, pro-rated when the relevant period is less than a twelve-month period.

Owner’s Priority means an amount equal to nine and one-half percent (9.5%) of the Project Costs.

Owner’s Priority means, with respect to each Hotel, for each Year or portion thereof during the Term, an annual amount equal to the sum of (a) the Initial Owner’s Priority for such Hotel, plus (b) from and after the date of any disbursement of any Additional Invested Capital by the applicable Owner and/or Landlord for such Hotel, an amount equal to six percent (6%) of such Additional Invested Capital so disbursed.