Certain Withheld Taxes Treated as Demand Loans. Any taxes withheld pursuant to Section 8.4(a) or 8.4(b) hereof shall be treated as if distributed to the relevant Member to the extent an amount equal to such withheld taxes would then be distributable to such Member, and, to the extent in excess of such distributable amounts, as a demand loan payable by the Member to the Company with interest at the Prime Rate in effect from time to time plus two percent (2%), compounded annually, such interest to accrue from and after the date the Managing Member is deemed to have given notice to the Member hereunder. The Managing Member may, in its discretion, either demand payment of the principal and accrued interest on such demand loan at any time, and enforce payment thereof by legal process, or may withhold from one (1) or more distributions to a Member amounts sufficient to satisfy such Member’s obligations under any such demand loan. The Member may at any time voluntarily repay any outstanding amounts in respect of a demand loan in whole or part.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Brookfield Asset Management Inc.), Limited Liability Company Agreement (Brookfield Asset Management Inc.), Limited Liability Company Agreement (Brookfield Retail Holdings LLC)
