Common use of Allocation of Certain Withholding Taxes and Other Expenditures Clause in Contracts

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Fund incurs a withholding tax or other tax obligation with respect to the share of Fund income allocable to any Partner, then the General Partner, without limitation of any other rights of the Fund or the General Partner, shall cause the amount of such obligation to be debited against the Capital Account of such Partner when the Fund pays such obligation, and any amounts then or thereafter distributable to such Partner shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Partner and any successor to such Partner's Interest shall pay to the Fund as a contribution to the capital of the Fund, upon demand to the General Partner, the amount of such excess. A General Partner shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Partner that may be eligible for such reduction or exemption; provided that in the event that the General Partner determines that a Partner is eligible for a refund of any withholding tax, the General Partner may, at the request and expense of such Partner, assist such Partner in applying for such refund.

Appears in 3 contracts

Samples: Agreement (Gam Avalon Multi-Europe Lp), Gam Avalon Multi-Global Lp, Gam Avalon Multi Technology Lp

AutoNDA by SimpleDocs

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Fund Partnership incurs a withholding tax or other tax obligation with respect to the share of Fund Partnership income allocable to any Partner, then the Corporate General Partner, without limitation of any other rights of the Fund Partnership or the General PartnerPartners, shall cause the amount of such obligation to be debited against the Capital Account of such Partner when the Fund Partnership pays such obligation, and any amounts then or thereafter distributable to such Partner shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Partner and any successor to such Partner's Interest shall pay to the Fund Partnership as a contribution to the capital of the FundCapital Contribution, upon demand to of the Corporate General Partner, the amount of such excess. A The Corporate General Partner shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Partner that may be eligible for such reduction or exemption; provided provided, that in the event that the Corporate General Partner determines that a Partner is eligible for a refund of any withholding tax, the Corporate General Partner may, at the request and expense of such Partner, assist such Partner in applying for such refund.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Levco Put Fund I L P), Limited Partnership Agreement (Levco Zero Coupon Put Fund I Lp)

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Fund Partnership incurs a withholding tax or other tax obligation with respect to the share of Fund Partnership income allocable to any Limited Partner, then the Individual General PartnerPartners, without limitation of any other rights of the Fund Partnership or the General PartnerPartners, shall cause the amount of such obligation to be debited against the Capital Account of such Partner when the Fund Partnership pays such obligation, and any amounts then or thereafter distributable to such Partner shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Partner and any successor to such Partner's Interest shall pay to the Fund Partnership as a contribution to the capital of the FundPartnership, upon demand to of the Individual General PartnerPartners, the amount of such excess. A The Individual General Partner Partners shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Limited Partner that may be eligible for such reduction or exemption; provided provided, that in the event that the Individual General Partner determines Partners determine that a Limited Partner is eligible for a refund of any withholding tax, the Individual General Partner Partners may, at the request and expense of such Partner, assist such Partner in applying for such refund.

Appears in 1 contract

Samples: Limited Partnership Agreement (Wynstone Partners Lp)

AutoNDA by SimpleDocs

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Fund Partnership incurs a withholding tax or other tax obligation with respect to the share of Fund Partnership income allocable to any Partner, then the General PartnerManager, without limitation of any other rights of the Fund Partnership or the General PartnerPartners, shall cause the amount of such obligation to be debited against the Capital Account of such Partner when the Fund Partnership pays such obligation, and any amounts then or thereafter distributable to such Partner shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Partner and any successor to such Partner's Interest shall pay to the Fund Partnership as a contribution to the capital of the FundPartnership, upon demand to of the General PartnerManager, the amount of such excess. A General Partner The Manager shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Partner that may be eligible for such reduction or exemption; provided provided, that in the event that the General Partner Manager determines that a Partner is eligible for a refund of any withholding tax, the General Partner may, at the request and expense of such Partner, assist such Partner in applying for such refund.any

Appears in 1 contract

Samples: Limited Partnership Agreement (Troon Partners Lp)

Time is Money Join Law Insider Premium to draft better contracts faster.