Incorrect Distributions Sample Clauses

Incorrect Distributions. To the extent distributions pursuant to this Article VIII were incorrectly made, as determined by the financial records of the Company, the recipients shall promptly repay all incorrect payments and, to the extent the recipients do not repay all incorrect payments, the Company shall have the right to set off any current or future sums owing to such recipients against any such incorrectly paid amount.
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Incorrect Distributions. To the extent any distribution made to a Member is incorrectly made, based on the Company’s financial statements, any Member who receives more than should have been distributed to such Member shall promptly repay to the Company the amount of any such incorrect distribution, and any such repaid amounts shall be redistributed (or otherwise applied) pursuant to this Agreement. For US tax purposes any amounts returned are treated as an adjustment to a previously made distribution and not a Capital Contribution under Sections 3.1 and 3.2, provided, however, that a distribution and corrective repayment that occur in different taxable years shall be treated for tax purposes as a distribution in the year in which the actual incorrect distribution was made, followed by a Capital Contribution in the year in which the repayment was made.
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Incorrect Distributions. To the extent distributions pursuant to this Section 4 were incorrectly made, as determined by financial statements of the Company, the recipients shall promptly repay all incorrect payments and/or the Company shall have the right to set off any current or future amounts owing to such recipients against any such incorrectly paid amounts.
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Incorrect Distributions. 14 4.4 Distributions in Kind........................................................ 14
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Incorrect Distributions. Notwithstanding anything to the contrary in this ARTICLE VII, any distributions made to a Limited Partner determined by the General Partner in good faith to be made in error or in violation of Section 18-607(a) of the Delaware LP Act, will, upon demand by the General Partner, be returned to the Partnership within thirty (30) Business Days of written notice by the General Partner. 7.7
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Incorrect Distributions. Notwithstanding any provision to the contrary contained in this Agreement, the Company shall not be required to make a Distribution to a Member in the Company if such Distribution would violate the Act or any other applicable law. Any Distribution or other payment of money by or on behalf of the Company to any Member that is in excess of the amount required or pennitted under the terms of this Agreement shall be held by the recipient of such funds as trust funds for the benefit of the Person who would have been entitled to such funds if all Distributions or other payments of money by or on behalf of the Company to each of the Members had been made strictly in accordance with the terms of this Agreement. The terms of this Section 8 .3 are solely for the benefit of any Member of the Company and not for any other Person, including, without limitation, any creditor of the Company.
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Related to Incorrect Distributions

  • Interim Distributions At such times as may be determined by it in its sole discretion, the Trustee shall distribute, or cause to be distributed, to the Beneficiaries, in proportion to the number of Trust Units held by each Beneficiary relating to the Trust, such cash or other property comprising a portion of the Trust Assets as the Trustee may in its sole discretion determine may be distributed without detriment to the conservation and protection of the Trust Assets in the Trust.

  • Contract Distribution The Employer will provide all current and new employees with a link to the new Agreement. Each department or unit will maintain a paper copy of the contract accessible to all employees.

  • Final Distributions Upon the winding up of the LLC, the assets must be distributed as follows: (a) to the LLC creditors; (b) to Members in satisfaction of liabilities for distributions; and (c) to Members first for the return of their contributions and secondly respecting their LLC interest, in the proportions in which the Members share in profits and losses.

  • Excess Contributions An excess contribution is any amount that is contributed to your IRA that exceeds the amount that you are eligible to contribute. If the excess is not corrected timely, an additional penalty tax of six percent will be imposed upon the excess amount. The procedure for correcting an excess is determined by the timeliness of the correction as identified below.

  • Operating Distributions Subject to Section 5.2, the Company shall from time to time distribute to the Member such amounts in cash and other assets as shall be determined by the Member.

  • Liquidating Distributions Notwithstanding anything to the contrary in this Article VII or in Section 8.3 of the Master Agreement, upon the sale of the Property or the dissolution and liquidation of the Series in accordance with the provisions of this Agreement and of Section 8.3 of the Master Agreement, the proceeds of liquidation of the Series or the sale of the Property will be distributed within ninety (90) days of the date of sale of the Property or the dissolution and liquidation in the following order and priority: (i) First, to creditors of the Series, including the Members who are creditors, to the extent otherwise permitted by law, in satisfaction (whether by payment or the making of reasonable provision for payment thereof) of all debts, liabilities, obligations and expenses of the Series, including, without limitation, the expenses incurred in connection with the liquidation of the Series; and (ii) Second, to the Members pro rata in proportion to their holdings of Shares, with such Distributions to be made by the end of the Fiscal Year during which the liquidation occurs (or, if later, ninety (90) days after the date of the liquidation).

  • Residual Distributions If the Liquidation Preference has been paid in full to all holders of Designated Preferred Stock and the corresponding amounts payable with respect of any other stock of the Issuer ranking equally with Designated Preferred Stock as to such distribution has been paid in full, the holders of other stock of the Issuer shall be entitled to receive all remaining assets of the Issuer (or proceeds thereof) according to their respective rights and preferences.

  • Qualified Reservist Distributions If you are a qualified reservist member called to active duty for more than 179 days or an indefinite period, the payments you take from your IRA during the active duty period are not subject to the 10 percent early distribution penalty tax.

  • Required Distributions Except in the case of a special needs beneficiary, the assets of the Xxxxxxxxx ESA are required to be distributed to the designated beneficiary within 30 days of the designated beneficiary’s attainment of age 30. The designated beneficiary will be subject to both income tax and an additional 10 percent penalty tax on the portion of the distribution that represents earnings, if the designated beneficiary does not have any qualified education expenses in that year. Any balance remaining in the Xxxxxxxxx ESA upon the death of the designated beneficiary will be distributed within 30 days of the designated beneficiary’s death, unless a death beneficiary is named and the death beneficiary is a qualified family member under age 30. If the death beneficiary is a qualified family member under age 30, that individual will become the designated beneficiary as of the date of death. Qualified family members include the designated beneficiary’s child, grandchild, or xxxxxxxxx, brother, sister, stepbrother, or stepsister, nephew or niece, parents, stepparents, or grandparents, uncle or aunt, spouses of all the family members listed above, cousin, and the designated beneficiary’s spouse. If a qualified family member becomes the designated beneficiary, the custodian, if it so chooses for any reason (e.g., due to limitations of its charter or bylaws), may require a total distribution of the Xxxxxxxxx ESA by December 31 of the year following the year of the original designated beneficiary’s death.

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