Common use of Repayment of Tax Advances Clause in Contracts

Repayment of Tax Advances. All Tax Advances made on behalf of a Member will, at the option of the Company, either be (i) promptly paid to the Company by the Member on whose behalf such Tax Advances were made, or (ii) repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such Member (or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such Member). Whenever the Company selects option (ii) pursuant to the preceding sentence for repayment of a Tax Advance by a Member, for all other purposes of this Agreement such Member will be treated as having received all distributions (whether before or upon liquidation) unreduced by the amount of such Tax Advance.

Repayment of Tax Advances. All Tax Advances made on behalf of a Member will, at the option of the CompanyMembers, either be (i) promptly paid to the Company by the Member on whose behalf such Tax Advances were madethat Member, or (ii) repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such that Member (or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such that Member). Whenever the Company selects Members select option (ii) pursuant to the preceding sentence for repayment of a Tax Advance by a Member, for all other purposes of this Agreement such Member will be treated as having received all distributions (whether before or upon liquidation) unreduced by the amount of such Tax Advance.

Repayment of Tax Advances. All Tax Advances made on behalf of a Member will, at the option of the Companyconcerned Member, either be (i) promptly paid to the Company by the Member on whose behalf such Tax Advances were madethat Member, or (ii) repaid by reducing the amount of the current or next succeeding distribution or distributions which would otherwise have been made to such that Member (or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of liquidation otherwise payable to such that Member). Whenever the Company Manager selects option (ii) pursuant to the preceding sentence for repayment of a Tax Advance by a Member, for all other purposes of this Agreement such Member will be treated as having received all distributions (whether before or upon liquidation) unreduced by the amount of such Tax Advance.