Priority Tax Distributions. A. In the event that the Company engages in the sale of one or more Properties other than the Properties listed on Schedule 4.6A-1 (each, a "Contributed Property") within four years following the Closing (the “Protected Period”) in a taxable transaction (a “Protected Sale”), any Investor will be entitled to receive distributions within thirty (30) days following such Protected Sale from the Distributable Cash generated from such sale (“Priority Tax Distributions”), before distributions of any Distributable Cash generated from such sale are made to the other Members, in an amount equal to the Applicable Percentage of its Allowed Investor Claims Account with respect to the Contributed Property subject to the Protected Sale.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Emeritus Corp\wa\), Limited Liability Company, Agreement of Purchase and Sale
