Common use of Tax Distributions to the General Partner Clause in Contracts

Tax Distributions to the General Partner. Notwithstanding anything to the contrary contained in this Section 4.07, and subject to the availability of cash, for each Fiscal Quarter, the Partnership may, in the sole discretion of the General Partner, make cash distributions to the General Partner in an amount intended to enable the General Partner (or any Person, including a Principal, whose tax liability is determined by reference, in whole or part, to the income of the General Partner) to discharge its cumulative United States federal, state and local income tax liabilities (including any obligation to pay estimated taxes) arising from the allocations made pursuant to Section 4.05(b) with respect to the Carried Interest. The amount, if any, distributable pursuant to this Section 4.07(d) with respect to a Fiscal Quarter shall equal (i)(x) the amount of taxable income allocable to the General Partner for such Fiscal Quarter with respect to the Carried Interest multiplied by (y) the Assumed Income Tax Rate over (ii) amounts distributed to the General Partner with respect to the Carried Interest and shall be considered an advance of the Carried Interest. The amount distributable to the General Partner pursuant to Section 4.07(c) shall be reduced by any amount distributed to the General Partner pursuant to this Section 4.07(d).

Tax Distributions to the General Partner. Notwithstanding anything to the contrary contained in this Section 4.07, and subject to the availability of cash, for each Fiscal Quarter, the Partnership may, in the sole discretion of the General Partner, make cash distributions to the General Partner in an amount intended to enable the General Partner (or any Person, including a Principal, whose tax liability is determined by reference, in whole or part, to the income of the General Partner) to discharge its cumulative United States federal, state and local income tax liabilities (including any obligation to pay estimated taxes) arising from the allocations made pursuant to Section 4.05(b) with respect to the Carried Interest. The amount, if any, distributable pursuant to this Section 4.07(d4.07(e) with respect to a Fiscal Quarter shall equal (i)(x) the amount of taxable income allocable to the General Partner for such Fiscal Quarter with respect to the Carried Interest multiplied by (y) the Assumed Income Tax Rate over (ii) amounts distributed to the General Partner with respect to the Carried Interest and shall be considered an advance of the Carried Interest. The amount distributable to the General Partner pursuant to Section 4.07(c) shall be reduced by any amount distributed to the General Partner pursuant to this Section 4.07(d4.07(e).