Mandatory Tax Distributions. 44 6.9.2 Net Cash From Operations and Net Cash From Sales or Refinancings...............44 6.10 Advances or Drawings....................................................................44
Mandatory Tax Distributions. Not later than ninety (90) days after the end of each calendar year, the Company shall declare and pay aggregate distributions during the period commencing on January 1 of such year (but excluding distributions mandated under this Section 6.9.1 with respect to prior years) to the Common Members, in accordance with their respective Percentage Interests, until each such Member, in the reasonable judgment of the Manager, has received an amount sufficient to enable such Member to fund such Member's federal, state, and local income tax liability (calculated using the highest nominal, marginal federal, state, and local income tax rates then imposed on ordinary income of individual taxpayers residing in New York City, with appropriate adjustments for the federal tax benefits from state and local taxes) attributable to such Member's respective share of the estimated taxable income of the Company for such period.
Mandatory Tax Distributions. In order to permit the Members to pay taxes on Company taxable income, the Company shall, to the extent of Available Cash, distribute cash at least annually and no later than 75 days after the end of a Fiscal Year, an amount which, at the time of such distribution, when added to all prior distributions pursuant to this Section 5.4, equals the cumulative maximum tax payable by an individual taxpayer at the highest combined marginal tax rates of federal and state income taxes imposed on resident individuals in the United States on the taxable income of the Company. Such distribution shall be made ratably to the Members in proportion to their respective Member Percentages.
Mandatory Tax Distributions. In the event JVCO is to be treated as a partnership or disregarded entity for United States tax purposes, as elected by the CMH Directors, JVCO shall (to the extent it has profits available for distribution within the meaning of Part IIA of the Companies Ordinance or otherwise has funds legally available for distribution) make annual distributions to the Shareholders (in proportion to their respective interests in JVCO) so that the annual amount paid to CMH is not less than CMH’s estimate of the combined federal, state, local and foreign tax obligation of CMH and its Affiliates with respect to CMH’s interest in the JV. JVCO shall (to the extent it is lawfully able to do so) cause its Subsidiaries to pay such dividends or distributions to JVCO as may be necessary to fund such distributions to the Shareholders.
Mandatory Tax Distributions. The Mandatory Tax Distribution shall be distributed to the Members in proportion to each Member’s Percentage Interest at the time of the distribution. Such distributions shall be made at least annually, on or before the 60th day after the end of the relevant Taxable Year, and shall not be accounted for on the books and records of the Company as a return of Capital Contributions and shall not be charged against Distributions to which members are entitled under Section 9.3(a) hereof.
Mandatory Tax Distributions. Notwithstanding Section 4.9 and Section 4.10, to the extent that the Distribution priorities set forth in Section 4.9 and Section 4.10 do not provide cumulative Distributions to the Members on an aggregate basis at the end of each Fiscal Year (or part thereof) in an amount at least equal to the aggregate United States federal, state and local tax liabilities that would be deemed to be payable by each Member on the cumulative taxable income of the Company allocated to such Member with respect to its Percentage Interest of Net Profits as of the end of such Fiscal Year, taking into account the following factors and assumptions: (a) such Member is an individual subject to the highest effective rate of federal and state taxation applicable to individuals residing in the State of California, County of Los Angeles; (b) the character of income allocated to such Member, including income required to be taxed as ordinary income when received by such Member; (c) the allowance for or limitation of deductions for state taxes for federal income tax purposes; (d) any loss limitations contained in Code Section 470 restricting the ability to deduct Company losses or deductions allocated to such Member; (e) the difference in rates applicable to ordinary income and capital gains; (f) Medicare taxes under Code Section 1411; (g) allowance for deductions of "qualified business income" under Code Section 199A; and (h) any other reasonable assumptions the Board of Managers determines in good faith to be appropriate (the "Tax Liability"); then, subject to reserves for working capital of the Company, the Board of Managers shall, as soon practicable after the close of each Fiscal Year (but in no event later than March 15th of the succeeding Fiscal Year), cause a Distribution to be made to each Member equal to such Member's Tax Liability (each, a "Tax Distribution" and collectively, the "Tax Distributions"). Notwithstanding the foregoing, upon the reasonable request of any Member, the Board of Managers shall endeavor to pay to the Members quarterly as an advance on the Tax Distributions reasonably projected by the Company for such taxable year no later than thirty (30) days following the end of each calendar quarter (and any such advances shall be treated as Tax Distributions hereunder). Any Tax Distributions made pursuant to this Section 4.11 (whether quarterly or annual) shall be senior in priority to all other Distributions under this Article IV, and reduce Distributions otherwise ...
Mandatory Tax Distributions. Within ninety (90) days following the end of each Fiscal Year or, in the discretion of the Manager, more often to facilitate the periodic payment of estimated taxes, subject to any restrictions in any agreements for borrowed money, and to the extent available to the Company without requiring the sale of assets or the pledge thereof at a time or on terms which the Manager believe are not in the best interests of the Company, or a reduction in the Working Capital Reserves which the Manager believes is necessary or desirable for working capital or other Company purposes, Net Cash Flow shall be distributed to the Members in an amount sufficient to cover the anticipated tax liabilities of each Member, in proportion to the amount of taxable income allocated to each Member pursuant to Section 4.1(a) herein, with the amount to be so distributed to be determined on the basis of the Manager’s reasonable estimate of the highest maximum federal, state and local tax rates applicable to any of the Members, after taking into account any amounts distributed to the Members with respect to such Fiscal Year pursuant to Section 4.2 herein.
Mandatory Tax Distributions. Notwithstanding anything to the --------------------------- contrary above, and as advances to distributions otherwise made pursuant to Section 4.1, in order to allow Members to pay taxes on their allocable share of ----------- taxable income of the Company, the Board shall cause the Company to distribute, not later than March 31 of each year, an amount equal to the excess, if any, of (i) the product of the taxable income of the Company, determined on a cumulative basis for all years (through and including the immediately preceding tax year) of the Company multiplied by the maximum effective combined federal and state rate over (ii) all amounts previously distributed pursuant to this Section 4.2. ----------- The percentage referred to in clause (i) above shall be increased or decreased from time to time by the increase or decrease in the maximum tax rate imposed on individual taxpayers on ordinary income under the Code.
Mandatory Tax Distributions. (i) The Company shall distribute to each Member, not later than ninety (90) days after the close of each Fiscal Year, an amount of cash equal to the sum of the following.
Mandatory Tax Distributions. (a) Notwithstanding any provision to the contrary contained in this Article VII, to the extent that the Company has sufficient Cash Available for Distribution, to facilitate the payment by the Members of their income tax liability attributable to the Company's Profits for a calendar year, within 60 days after the end of the Company's fiscal year, the Board of Managers shall distribute to each Member the amount, if any, by which (I)the product of such Member's allocable share of taxable income for such fiscal year as will be required to be shown on the U.S. federal information return of the Company for such fiscal year (other than income or gain that is specifically allocated pursuant to Section 704(c) of the Code or other comparable provisions of the Code) multiplied by the sum of the maximum federal, New York State and New York City personal income tax rates (taking into account the deductibility of state and local taxes), exceeds (II) the amount, if any, of Cash Available for Distribution distributed to such Member pursuant to Section 7.1 for such fiscal year.
