Distributions for Payment of Tax. Subject to the SBIC Act, the General Partner may elect to make a distribution pursuant to Section 7.01(b)([indicate clause]) for payment of tax liability of Partners. Upon such election, the Partnership will distribute to the Partners from Retained Earnings Available for Distribution or as otherwise permitted by the SBIC Act no later than [ninety (90)] days after the close of each fiscal year and such additional times as may be permitted by the SBIC Act up to an amount, determined in the discretion of the General Partner, that is equal to a percentage of such Partner’s share of the taxable income allocated to such Partner for such fiscal year or other period. Such percentage shall be determined by the General Partner in its sole discretion based upon an estimate of the highest marginal federal income tax rates for corporations or individuals, whichever is higher, applicable to ordinary income and capital gain income and the proportions of such types of income earned by the Partnership during such fiscal 79 RULPA permits an agreement to provide how distributions to partners will be made, and provides a general provision in the event no provision is made in the agreement. See RULPA §17-504. 80 See 13 CFR §107.585 relating to voluntary decreases in a Licensee’s Regulatory Capital. 81 RULPA §17-605 specifically addresses non-cash distributions to partners. Applicant may prohibit the distribution of Noncash Assets. See 13 CFR §107.585 relating to voluntary decreases in a Licensee’s Regulatory Capital. year or such other period, plus the highest marginal [state of principal office] income tax rates for corporations or individuals, whichever is higher, applicable to ordinary income and capital gain income and the proportions of such types of income earned by the Partnership during such fiscal year or other period (the “Maximum Tax Liability”). Such distributions will be debited to the Capital Accounts of the Partners receiving such distributions.82 Subject to the SBIC Act, the Partnership will at all times be entitled to make payments with respect to any Partner in amounts required to discharge any legal obligation of the Partnership to withhold or make payments to any governmental authority with respect to any federal, state or local tax liability of the Partner arising as a result of the Partner’s interest in the Partnership. All such amounts shall be treated as a tax distribution to the Partner pursuant to Section 7.03(a).
Distributions for Payment of Tax. Subject to the SBIC Act, anything contained in this Agreement to the contrary notwithstanding, [specify Partners entitled to tax distributions] will be entitled to receive cash distributions from the Partnership (after taking into account any other distributions received by [specify Partners entitled to tax distributions] in that fiscal year) in amounts sufficient to enable [specify Partners entitled to tax distributions] (and the partners of the General Partner, if any) to discharge any Federal, state and local tax liability excluding penalties arising as a result of [specify Partners entitled to tax distributions] interest in the Partnership. Such distributions will be debited to [specify Partners entitled to tax distributions] Capital Account, as provided in Section 6.3(a)(ii). Subject to the SBIC Act, the Partnership will at all times be entitled to make payments with respect to any Partner in amounts required to discharge any legal obligation of the Partnership to withhold or make payments to any governmental authority with respect to any Federal, state or local tax liability of the Partner arising as a result of the Partner's interest in the Partnership. Each such payment will be debited to such Partner's Capital Account, as provided in Section 6.3(a)(ii).
Distributions for Payment of Tax. (a) Subject to the SBIC Act, anything contained in this Agreement to the contrary notwithstanding, the General Partner shall be entitled to cause the Partnership to make cash distributions to the Partners (after taking into account any other distributions received by the Partners in that fiscal year) in amounts sufficient to enable the Partners (and their partners, if any) to discharge any Federal, state and local tax liability excluding penalties arising as a result of the Partners’ interest in the Partnership. Such distributions will be debited to the Partners’ Capital Accounts, as provided in Section 6.03(a)(ii).
Distributions for Payment of Tax. Subject to the SBIC Act, the Partnership will at all times be entitled, but under no obligation, to make payments with respect to any Partner in amounts required to discharge any legal obligation of the Partnership to withhold or make payments to any governmental authority with respect to any Federal, state or local tax liability of the Partner arising as a result of the Partner’s interest in the Partnership. Each such payment will be debited to such Partner’s Capital Account, as provided in Section 6.03(a)(ii).
Distributions for Payment of Tax. (a) Anything contained in this Agreement to the contrary notwithstanding, if the Managing Member determines in its sole discretion that, after setting aside amounts for Company liabilities, the Company has cash available for distribution, the Company will, prior to making distributions under Section 4.1, distribute, with respect to each Fiscal Year of the Company, up to an amount of cash sufficient to enable each Member to discharge any federal, state and local tax liability, excluding penalties, arising as a result of such Member’s Interest in the Company. All tax distributions will be made to each Member assuming that the Member is subject to the highest marginal combined federal and state income tax rate for an individual taxpayer resident in New York, New York, taking into account the type of income allocated to such Member with respect to its right to receive distributions. Distributions made under this Section 4.2 with respect to a Fiscal Year shall be made among the Members, pro rata, in proportion to the amount of Net Profits (as defined in Appendix I) allocated to each Member with respect to such Fiscal Year. Such distributions shall be debited to such Member’s Capital Account, as provided in Appendix I, and shall be treated as an advance of distributions to be made under Section 4.1.
Distributions for Payment of Tax. (a) Subject to the SBIC Act, notwithstanding anything contained in this Agreement to the contrary, the Private Limited Partners and the General Partner will be entitled to receive cash distributions from the Partnership for any Fiscal Year (after taking into account any other distributions received by the Private Limited Partners with respect to that Fiscal Year) in amounts reasonably calculated to be sufficient to enable the Private Limited Partners (and the partners of the General Partner, if any) to discharge any Federal, state and local income tax liability, excluding penalties, attributable to such Partners’ share of Net Profits of the Partnership for such Fiscal Year. Such distributions will be debited to the Private Limited Partners’ Capital Accounts, as provided in Section 6.03(a)(ii).
