Distributions to Pay Taxes. Prior to March 15 of the next following Fiscal Year, the General Partner shall distribute to the Limited Partners an amount sufficient for the Limited Partners out of cash available therefor to pay their tax liabilities which arise in respect of their shares of cumulative net taxable income and gain of the Partnership for such Fiscal Year, determined as set forth below by the General Partner, prior to the making of any distributions pursuant to Sections 8.1 and 8.6 hereof. Any funds distributed pursuant to this Section 8.2 shall reduce the amount that a Limited Partner would otherwise receive pursuant to Sections 8.1 and 8.
Distributions to Pay Taxes. To enable the Members to pay taxes on income of the Company that is taxable to the Members, the Company must make cash distributions to the Members. During each fiscal year the Company must distribute an amount equal to the product of (a) the highest aggregate rate of federal, state, and local income and self-employment tax imposed on the Company’s income for that fiscal year (taking into account the deductibility of state and local income taxes for federal income tax purposes) allocated to any Member who was a Member for the full fiscal year times (b) the amount of the taxable income of the Company allocated to all Members for that fiscal year. Distributions must be paid at least quarterly during each fiscal year at times that coincide with the Members’ payment of estimated taxes, and the amount of each distribution will be based upon the anticipated taxable income of the Company for the fiscal year of the distribution and the anticipated tax rates of Members, as determined at the time the distribution is made. The Company's obligation to make distributions under this section is subject to the restrictions governing distributions under the Act.
Distributions to Pay Taxes. With respect to any tax year in which the Company shall report taxable income, the Company shall distribute to the Common Members, based upon their respective Common Percentage Interests at the time of such distribution, an aggregate amount equal to the Company's taxable income, plus or minus other items of income, gain, loss or deduction passing through to the Common Members, times the sum of the effective applicable Federal income tax rate and the higher of North Carolina or Missouri state income tax rates and assuming that each Common Member is an individual paying Federal and state income tax at the highest marginal income tax rates with respect to the applicable type of income (a "Tax Distribution"). All Tax Distributions shall be made at a time sufficient to enable the Common Members to pay any required estimated tax payments.
Distributions to Pay Taxes. Notwithstanding Section 5.2 above, the Company shall, to the extent allowed by the Act, make annual proportional cash distributions to each Member within ninety (90) days following the conclusion of each Fiscal Year of the Company equal to forty-four percent (44%) of each Member's share of the taxable income of the Company. To the maximum extent possible, periodic distributions shall be made so as to provide each Member with an amount equal to its estimated tax payment obligations and such periodic distributions will be reconciled as of the end of the Fiscal Year. Such distributions are intended to be sufficient for purposes of paying any and all types of federal, state and local income tax incurred by the Members of their affiliates with respect to taxable income of the Company.
Distributions to Pay Taxes. Except to the extent such actions would violate (1) any applicable laws, rules, regulations, or pronouncements, and/or administrative or judicial orders applicable to the Partnership; or (2) the provisions of any documents, agreement, contract or instrument to which the Partnership is a party, the Partnership shall pay cash distributions to NexCore Partners, on or before the 15th day after the close of each calendar quarter, in an amount equal to the highest federal and state income tax rates multiplied by NexCore Partners’ share of the Profit for federal and state income tax purposes for the immediately preceding calendar quarter. In addition, the Partnership shall pay cash distributions after the close of each fiscal year in an amount equal to the highest federal and state income tax rates multiplied by NexCore Partner’s share of the Profits for the immediately preceding fiscal year. In determining the amount of such distributions, there shall be taken into account all prior distributions made to pay estimated taxes during the preceding taxable year.
Distributions to Pay Taxes. The General Partner, in its sole discretion, may cause the Fund to make Tax Distributions to the General Partner (in respect of its Carried Interest). The General Partner shall not make any such Tax Distribution to the General Partner with respect to any fiscal year unless each Limited Partner has received, or concurrently receives, aggregate distributions pursuant to Section 9.4 during or after such fiscal year equal to the anticipated taxes with respect to the amounts allocated to such Limited Partner for such fiscal year. All calculations of anticipated taxes pursuant to this Section 9.7 shall assume the tax rates used in the definition of “Tax Distributions.”
Distributions to Pay Taxes. Each Member agrees that the Company will use its best efforts to make distributions of money to the Members sufficient to pay the federal and state income taxes (using an assumed tax rate equal to the Combined Rate (as defined below)) on the Net Profits or other items of income or gain that pass through from the Company, net of any tax benefits produced by Net Losses, deductions, and credits that pass through to the Members. The "Combined Rate" shall be equal to: (i) the highest marginal federal individual income tax rate (the "Federal Rate") plus (ii) the highest marginal individual income tax rate for the Commonwealth of Pennsylvania multiplied by the sum of one(1) minus the Federal Rate. For purposes of this Section 8.4, a distribution shall be treated as made with respect to a particular Company Fiscal Year (i) if made during the Fiscal Year and not designated by the Company as made with respect to another year, or (ii) if specifically designated by the Company as made with respect to that particular Fiscal Year.
Distributions to Pay Taxes. (a) The Company shall use its best efforts to distribute sufficient Net Cash from Operations to the Members each year to provide each Member with sufficient cash to fund the payment of federal and state income tax liabilities attributable to such Member's interest in the Company. The Board shall take this goal into account in formulating any cash flow plan for the Company. For this purpose, the Board shall make a theoretical calculation of the Members tax liabilities based on reasonable assumptions and projections of the Members' taxable income and the character thereof, including the then prevailing maximum regular or alternative minimum Federal, state and local tax rates, income based on the net cumulative amount of taxable income attributable to the Company (i.e., income shall be netted against loss on a cumulative basis to the extent that such offsets are allowable under then prevailing law and regulations), and utilization of all items of loss and credit.
(b) Such distributions to pay taxes shall be made to the Members in proportion to their respective allocable shares of Net Profits calculated above for such Fiscal Year determined in accordance with the provisions of the attached Tax Compliance Addendum hereof.
(c) The Board, shall, in its reasonable discretion, adjust the rates of such distributions and the method of calculation provided for in this Section 7.5 to reflect varying rates of taxation for unearned income, long-term capital gains, or similar items, to account for tax liability arising as a result of the application of the alternative minimum tax for individuals, or any other changes made to the Code or the Virginia income tax laws that has the effect of requiring the Member to pay more or less of those taxes on income generated by the Company's operations.
(d) The distributions to pay taxes required by this Section 7.5 shall not be made if, in the reasonable opinion of the Board, such distributions would significantly impair the Company's financial status and impair its ability to conduct business operations as contemplated. Furthermore, such distributions shall not be made in contravention of applicable laws of the Commonwealth of Virginia.
(e) To the extent the Company does not distribute cash to pay taxes for any given Fiscal Year, the Company shall distribute such cash in subsequent years after making distributions for current taxes of such years and prior to making any other distributions.
Distributions to Pay Taxes. The Company may, but shall not be obligated to, distribute Proportionately to the Unitholders within thirty (30) calendar days after the end of each quarter of each Fiscal Year an amount of cash equal to the product of (a) the sum of the highest federal income tax rate and the highest state income tax rate applicable to any Unitholder for such Fiscal Year, multiplied by (b) the taxable income of the Company for such quarter of such Fiscal Year for federal income tax purposes. The sum of the highest federal income tax rate and the highest state income tax rate shall be initially presumed to be fifty percent (50%).
Distributions to Pay Taxes. (a) Notwithstanding anything to the contrary in SECTION 6.1, if the Partnership has taxable income for any Fiscal Year (including any taxable gain associated with the sale of section 704(c) property (as defined in Regulation Section 1.704-3)), the Partnership shall, out of any funds legally available therefor, distribute to the Partners, on or before the 90th day following the end of the calendar year that includes the last day of such Fiscal Year, the amount necessary for the Partners (and all Persons who are required to pay taxes on the taxable income of the Partnership by reason of their direct or indirect ownership of any interest in the Partnership) to pay federal, state and local income taxes with respect to such taxable income, computed by multiplying such taxable income by the highest combined federal, state and local income tax rate applicable to any such Person for the calendar year that includes the last day of the Fiscal Year in which such taxable income is allocated to such Partner.
(b) The Partnership shall not make a distribution under this SECTION 6.2 if it does not have sufficient cash on hand to fund such distribution.
