Distributions for Payment of Taxes Sample Clauses

Distributions for Payment of Taxes. Within ten (10) Business Days after the Trustee’s receipt from JPMorgan Chase Bank, N.A. of a monthly statement or statements as to the Trust Property for the prior calendar month, the Trustee shall provide the Company with such monthly statement or statements. The Company shall timely prepare each federal and state tax return (and shall prepare quarterly estimates in respect thereof, as applicable) required to be filed in respect of income arising from the Trust Property. At least twenty (20) Business Days before the date upon which the taxes shown thereon to be due are required to be paid, the Company shall deliver to the Trustee a Tax Disbursement Request Letter in respect of such taxes. Funds for payment of such taxes shall be disbursed from the Trust Account and the Trustee shall take such action, if any, as may be required to make the Trust Property available for immediate distribution by the date specified in the Tax Disbursement Request Letter. Within five (5) Business Days after receipt from the Trustee of such disbursement, the Company shall file with the relevant taxing authority such tax return and wire to such taxing authority relevant taxes (or quarterly estimate, as applicable). In no event shall the aggregate amount of all funds disbursed to the Company pursuant to this Section 4(f) exceed the income in respect of which such taxes are due and owing.
Sample 1Sample 2See All (5)
AutoNDA by SimpleDocs
Distributions for Payment of Taxes. The Partnership shall make (and ADESA agrees to contribute or lend to the Partnership sufficient monies to finance such distributions) a distribution to each Partner (provided that any Partner may, as to itself, waive receipt of such distribution), in the amount of the actual marginal corporate income tax rates applicable to the Partner for each period in question multiplied by the amount of income allocated to such Partner for the Partnership’s tax years ending after the date hereof. The Partnership shall provide Partnership returns and related K-1’s to each Partner for each such tax year or fiscal period not later than 75 days following the completion thereof, and shall simultaneously make the distribution in amount computed as aforesaid. The Partnership shall also make (and ADESA shall contribute or lend to the Partnership sufficient monies to finance such distributions) a cash distribution to each Partner in an amount equal to all other Taxes payable by the Partner on account of its interest in the Partnership, including, without limitation, all Taxes imposed on the Property of the Partnership or on any Partner as the result of the Partnership’s business, income, gross receipts or otherwise. The amount of such distributions shall not include interest or penalties unless incurred by the failure of the Partnership or ADESA to timely perform their obligations hereunder. Provided such distributions are so made, each Partner agrees to file its income tax returns for such periods consistently with the K-1’s issued by the Partnership for such periods.
Sample 1Sample 2
Distributions for Payment of Taxes. Notwithstanding Section 6.1, if the Internal Revenue Service determines that the Employee is currently subject to income or other tax on the balance in his Account, the Employer shall pay to the Employee in one lump sum as of the date determined by the Employer that portion of the balance then in his Account that is necessary for the payment of federal, state, and local taxes, and interest and penalties thereon, that results from such determination, and the balance in the Employee's Account shall immediately be reduced by the amount of such distribution.
Sample 1Sample 2
Distributions for Payment of Taxes. Before any distributions are made pursuant to Section 9.7(a), the Company shall distribute (and/or set aside sufficient reserves for distribution) to the Members by no later than March 31st following the end of each Fiscal Year, commencing with March 31, 2007, an amount (for each Member, such Member’s “Tax Distribution”) of Net Cash Flow (or any cash comprising thereof) and Third Party Loan (to the extent available) proceeds which, when added to the aggregate Net Cash Flow distribution to the Members pursuant to Section 9.7(a)(ii) and (iii) during such Fiscal Year, shall equal: (i) with respect to Panzer, Marlow and NKFFM, the product of: (A) the total amount of ordinary income, short-term capital gain and long-term capital gain allocable to each of them for such Fiscal Year hereunder; and (B) the maximum effective combined federal, state and local income tax rate for such Fiscal Year for individuals living in New York City (taking into account the federal deduction for state and local income taxes and the character of income/gain so allocated (and the corresponding tax rate to which such income/gain is subject)); and (ii) with respect to the Xxxx-Xxxx Member, the product of: (A) the total amount of income and gain allocable to the Xxxx-Xxxx Member for such Fiscal Year hereunder; and (B) the maximum effective combined federal, state and local income tax rate for such Fiscal Year for regular subchapter C corporations doing business in New York City (taking into account the federal deduction for state and local income taxes); provided, however, if there should be insufficient Net Cash Flow and Third Party Loan proceeds to fund, in full, all of the Tax Distributions required to be made to all of the Members, then the total cash and proceeds so available shall be distributed to the Members in proportion to the Tax Distributions that each Member would have been entitled to so receive if there were sufficient cash and proceeds to so distribute. Any Tax Distribution made by the Company to the Member shall be treated as a distribution to such Member of Net Cash Flow under Section 9.7(a)(ii) (until the Member shall have received the maximum amount to which it or he is entitled thereunder) and then under Section 9.7(a)(iii).
Sample 1Sample 2
Distributions for Payment of Taxes. (a) Anything contained in this Agreement to the contrary notwithstanding, if the General Partner determines that, after setting aside amounts for Partnership Expenses and Partnership liability, the Partnership has cash available for distribution, the Partnership shall, before making distributions under Section 6.3, distribute, with respect to each fiscal year of the Partnership, up to the amount sufficient to enable each Partner (and the members of the General Partner) to discharge any Federal, state, and local tax liability arising as a result of such Partner’s interest in the Partnership, assuming for this purpose that each Partner is subject to the same effective marginal combined Federal, state and local tax rate on all of the income allocated to it under this Agreement. Distributions made under this Section with respect to a fiscal year shall be made among the Partners pro rata in proportion to the amount of Net Profits allocated to each Partner during such fiscal year. The amount distributed under this Section with respect to any fiscal year shall not exceed the product of (i) the highest marginal combined Federal, state, and local tax rate applicable to any Partner or any member of the General Partner, and (ii) the Net Profits allocated to the Partners with respect to such fiscal year. Such distributions will be debited to such Partner’s Capital Account, as provided in Section 5.3(a)(ii) and shall be treated as an advance of distributions to be made under Section 6.3.
Sample 1

Related to Distributions for Payment of Taxes

  • Payment of Taxes The Company shall from time to time promptly pay all taxes and charges that may be imposed upon the Company or the Warrant Agent in respect of the issuance or delivery of shares of Common Stock upon the exercise of the Warrants, but the Company shall not be obligated to pay any transfer taxes in respect of the Warrants or such shares of Common Stock.

  • Payment of Taxes, Etc Pay and discharge, and cause each of its Subsidiaries to pay and discharge, before the same shall become delinquent, (i) all taxes, assessments and governmental charges or levies imposed upon it or upon its property and (ii) all lawful claims that, if unpaid, might by law become a Lien upon its property; provided, however, that neither the Borrower nor any of its Subsidiaries shall be required to pay or discharge any such tax, assessment, charge or claim that is being contested in good faith and by proper proceedings and as to which appropriate reserves are being maintained, unless and until any Lien resulting therefrom attaches to its property and becomes enforceable against its other creditors.

  • Payment of Taxes and Claims The Company will and will cause each of its Subsidiaries to file all tax returns required to be filed in any jurisdiction and to pay and discharge all taxes shown to be due and payable on such returns and all other taxes, assessments, governmental charges, or levies imposed on them or any of their properties, assets, income or franchises, to the extent such taxes and assessments have become due and payable and before they have become delinquent and all claims for which sums have become due and payable that have or might become a Lien on properties or assets of the Company or any Subsidiary, provided that neither the Company nor any Subsidiary need pay any such tax or assessment or claims if (i) the amount, applicability or validity thereof is contested by the Company or such Subsidiary on a timely basis in good faith and in appropriate proceedings, and the Company or a Subsidiary has established adequate reserves therefor in accordance with GAAP on the books of the Company or such Subsidiary or (ii) the nonpayment of all such taxes and assessments in the aggregate could not reasonably be expected to have a Material Adverse Effect.

  • Payment of Taxes and Claims, Etc Pay, and cause each of its Subsidiaries to pay, (i) all taxes, assessments and governmental charges imposed upon it or upon its property, and (ii) all claims (including, without limitation, claims for labor, materials, supplies or services) which might, if unpaid, become a Lien upon its property, unless, in each case, the validity or amount thereof is being contested in good faith by appropriate proceedings and adequate reserves are maintained with respect thereto.

  • Payment of Tax To the extent a Party is required by applicable Law to deduct and withhold taxes on any payment to the other Party, the paying Party shall pay the amounts of such taxes to the proper Governmental Authority in a timely manner and promptly transmit to the other Party an official tax certificate or other evidence of such withholding sufficient to enable such other Party to claim such payment of taxes.

  • Provisions for Payment The Securities shall be issuable as registered Securities and in the denominations of one thousand U.S. dollars ($1,000) or any integral multiple thereof, subject to Section 2.01(a)(13). The Securities of a particular series shall bear interest payable on the dates and at the rate specified with respect to that series. Subject to Section 2.01(a)(23), the principal of and the interest on the Securities of any series, as well as any premium thereon in case of redemption or repurchase thereof prior to maturity, and any cash amount due upon conversion or exchange thereof, shall be payable in the coin or currency of the United States of America that at the time is legal tender for public and private debt, at the office or agency of the Company maintained for that purpose. Each Security shall be dated the date of its authentication. Interest on the Securities shall be computed on the basis of a 360-day year composed of twelve 30-day months. The interest installment on any Security that is payable, and is punctually paid or duly provided for, on any Interest Payment Date for Securities of that series shall be paid to the Person in whose name said Security (or one or more Predecessor Securities) is registered at the close of business on the regular record date for such interest installment. In the event that any Security of a particular series or portion thereof is called for redemption and the redemption date is subsequent to a regular record date with respect to any Interest Payment Date and prior to such Interest Payment Date, interest on such Security will be paid upon presentation and surrender of such Security as provided in Section 3.03. Any interest on any Security that is payable, but is not punctually paid or duly provided for, on any Interest Payment Date for Securities of the same series (herein called “Defaulted Interest”) shall forthwith cease to be payable to the registered holder on the relevant regular record date by virtue of having been such holder; and such Defaulted Interest shall be paid by the Company, at its election, as provided in clause (1) or clause (2) below:

  • No Credit for Payment of Taxes or Imposition Such Pledgor shall not be entitled to any credit against the principal, premium, if any, or interest payable under the Credit Agreement, and such Pledgor shall not be entitled to any credit against any other sums which may become payable under the terms thereof or hereof, by reason of the payment of any Tax on the Pledged Collateral or any part thereof.

  • Payment of Taxes and Charges All shares of Common Stock issuable upon the exercise of this Warrant pursuant to the terms hereof shall be validly issued, fully paid and nonassessable, and without any preemptive rights. The Company shall pay all expenses in connection with, and all taxes and other governmental charges that may be imposed with respect to, the issue or delivery thereof.

  • Payment of Taxes and Expenses The Company shall pay any recording, filing, stamp or similar tax which may be payable in respect of any transfer involved in the issuance of, and the preparation and delivery of certificates (if applicable) representing, (i) any Exercise Shares purchased upon exercise of this Warrant and/or (ii) new or replacement warrants in the Holder’s name or the name of any transferee of all or any portion of this Warrant.

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