Second Level. The balance, if any, of such Distributable Cash, remaining after the distributions pursuant to subsection A above shall be distributed to the holders of the Common Interests in accordance with their respective relative Common Percentages until there shall have been distributed to each of BREA, Columbia and the Common Investor from such Distributable Cash under this subsection B an amount sufficient to eliminate the then “15% IRR Deficiency” (as defined in Exhibit ”D” (the “IRR Exhibit”)) applicable to such Members; and there shall be no distributions of Distributable Cash under subsection C, D or E below at any time when there is a positive 15% IRR Deficiency with respect to either such Member.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Emeritus Corp\wa\), Limited Liability Company Agreement, Agreement of Purchase and Sale
