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Common use of Tax Distributions Clause in Contracts

Tax Distributions. To the extent of Available Cash Flow (as determined by the Board acting unanimously) the Company shall make a distribution to the Members in respect of the Units as follows: (i) if the product of (A) a Class P Unit’s share of cumulative taxable income of the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period in which such Class P Unit is outstanding and (B) the Tax Rate, exceeds the aggregate amounts distributed in respect of such Class P Unit pursuant to Section 7.03(b), Section 7.03(c) and Section 13.02 for such period, the Company shall make a distribution with respect to such Class P Unit of an amount of cash such that the total cash distributed with respect to such period is equal to the amount of such excess; and (ii) if the product of (A) a Common Unit’s allocable share of taxable income of the Company for the Fiscal Year or other relevant period, and (B) the Tax Rate, exceeds the amounts distributed in respect of such Common Unit pursuant to Section 7.03(b) or Section 7.03(c) with respect to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit pursuant to this Section 7.03(d) with respect to such period is equal to the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d) shall be treated as an advance against future distributions otherwise payable to such Member pursuant to Section 7.03(b), Section 7.03(c) or Section 13.02(b) of this Agreement, and any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c) shall be deemed to include amounts distributed to such Member under this Section 7.03(d) with respect thereto; provided, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such distributions shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all distributions under this Section 7.03(d) had been made in full. In computing taxable income or losses for the purposes of determining the amount of distributions pursuant to this Section 7.03(d), items of income, gain, loss and deduction shall be determined taking into account any adjustments pursuant to Section 734, Section 743 or Section 704(c) of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf of any Member shall be repaid to the Company by reducing the amount of the next succeeding distribution or distributions that would otherwise have been made to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d)), or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) shall be calculated and distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the Fiscal Year through the end of such quarterly period, at least five days prior to the date on which U.S. federal corporate estimated tax payments are due and (ii) with respect to each Fiscal Year, at the end of such Fiscal Year.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (Endeavor Group Holdings, Inc.), Limited Liability Company Agreement (Endeavor Group Holdings, Inc.), Limited Liability Company Agreement (Endeavor Group Holdings, Inc.)

Tax Distributions. To the extent of Available Cash Flow (Except as determined by the Board acting unanimously) the Company shall make a distribution to the Members otherwise provided in respect of the Units as follows: (i) if the product of (A) a Class P Unit’s share of cumulative taxable income of the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period in which such Class P Unit is outstanding and (B) the Tax Rate, exceeds the aggregate amounts distributed in respect of such Class P Unit pursuant to this Section 7.03(b), Section 7.03(c) and Section 13.02 for such period6.02, the Company shall make a distribution distribute to each Common Member and each PIPR Member as promptly as practicable after the end of each of the first three (3) fiscal quarters of each fiscal year of the Company or relevant estimated tax payment date an amount equal to such Member’s Quarterly Tax Distribution for such fiscal quarter. In addition, the Company shall distribute to each Common Member and each PIPR Member as promptly as practicable after the end of each fiscal year an amount equal to the excess, if any, of such Member’s Proportionate Tax Share for such fiscal year over the aggregate amount of Quarterly Tax Distributions made to such Member with respect to such Class P Unit fiscal year. If, at the end of an any fiscal year of the Company, the aggregate amount of cash Quarterly Tax Distributions made to a Common Member or a PIPR Member exceeds such that the total cash distributed Member’s Proportionate Tax Share, in each case with respect to such period is equal to fiscal year, then the amount of such excess; and (ii) if the product of (A) a Common Unit’s allocable share of taxable income of the Company for the Fiscal Year or other relevant period, and (B) the Tax Rate, exceeds the amounts distributed in respect of such Common Unit pursuant to Section 7.03(b) or Section 7.03(c) with respect to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit pursuant to this Section 7.03(d) with respect to such period is equal to the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d) excess shall be treated as an advance against future distributions otherwise payable to such Member pursuant to Section 7.03(b), Section 7.03(c) or Section 13.02(b) of this Agreementagainst, and any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c) shall be deemed to include amounts distributed to such Member under this Section 7.03(d) with respect thereto; provided, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such distributions shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all distributions under this Section 7.03(d) had been made in full. In computing taxable income or losses for the purposes of determining reduce the amount of distributions pursuant to this Section 7.03(d)of, items of income, gain, loss and deduction shall be determined taking into account any adjustments pursuant to Section 734, Section 743 or Section 704(c) of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf of any Member shall be repaid to the Company by reducing the amount of the next succeeding distribution or future distributions that would otherwise have been be made to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d))6.02. Any amount distributed to a Common Member or a PIPR Member, oras the case may be, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) 6.02 shall be calculated treated as an advance against, and distributed at shall reduce the following times: (i) quarterlyamount of, on any future distributions that would otherwise be made to such Member pursuant to this Agreement. Notwithstanding the foregoing, if a Member is not entitled to any future distributions pursuant to this Agreement, then, except as otherwise set forth in the applicable PIPR Agreement, the Company shall be permitted to require the Member to repay the Company the amount of such advance; provided, however, that, if the Member is an estimated basisExecutive Officer, with respect the Company shall not require repayment of such advance if it would violate Section 402 of the Xxxxxxxx-Xxxxx Act, and, instead, such Member shall use reasonable best efforts to claim any tax benefit related to such advance that the Company reasonably determines is available to the portion of the Fiscal Year through the end of such quarterly period, at least five days prior Member on all relevant tax returns and shall disgorge to the date on which U.S. federal corporate estimated Company any tax payments are due and (ii) with respect to each Fiscal Year, at benefit the end of such Fiscal YearMember so realizes.

Appears in 3 contracts

Samples: Operating Agreement (Lazard Group LLC), Operating Agreement (Lazard LTD), Operating Agreement (Lazard LTD)

Tax Distributions. To (a) Notwithstanding the extent provisions of Available Cash Flow (as determined by Section 5.1 , if it is anticipated that the Board acting unanimously) allocations of Net Profit for any year pursuant to Section 4.2 will result in the Members recognizing taxable income with respect to the Company for such year, the Members shall make a distribution to the Members in respect good faith estimate of the Units as follows: (i) if the product of (A) a Class P Unit’s share of cumulative taxable income of the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period in which such Class P Unit is outstanding and (B) the Tax Rate, exceeds the aggregate amounts distributed in respect of such Class P Unit pursuant to Section 7.03(b), Section 7.03(c) and Section 13.02 for such period, the Company shall make a distribution with respect to such Class P Unit of an amount of cash such that the total cash distributed with respect to such period is equal to the amount of such excess; and (ii) if the product of (A) a Common Unit’s allocable share of taxable income to be recognized by each of the Company for the Fiscal Year or other relevant periodMembers, and (B) distributions of Company cash shall be made to each of the Members in an amount equal to the Effective Tax Rate, exceeds the amounts distributed in respect Rate multiplied by such Member's allocations of Net Profit for such Common Unit year pursuant to Section 7.03(b) or Section 7.03(c) with respect 4.2. Distributions required to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit be made pursuant to this Section 7.03(d) with respect to such period is equal to the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d5.2(a) shall be treated made in quarterly installments in a timely manner so that the Members may pay any estimated or required income or similar taxes, and shall be treated, at the election of the Managing Member, either as an advance against future distributions otherwise payable (i) amounts to such Member be distributed pursuant to Section 7.03(b)5.1 or (ii) advances against such amounts. (b) The computation of the amounts required to be distributed pursuant to Section 5.2(a) for any year shall be adjusted (i) prior to each distribution for such year, (ii) upon the filing of the Company's Federal income tax return for such year, (iii) upon any Final Determination of the Company's taxable income for such year and (iv) at any other time when in the good faith judgment of the Managing Member it appears that a prior estimate has been incorrect, in each case so as to take into account actual determinations and/or revised estimates of the Members' shares of taxable income for such year for Federal income tax purposes. Following any such adjustment, the amounts to be distributed pursuant to Section 7.03(c) or Section 13.02(b) of this Agreement, and any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c5.2(a) shall be deemed to include amounts distributed to such Member under this Section 7.03(d) with respect thereto; providedadjusted appropriately, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such or additional distributions shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all distributions under this Section 7.03(d) had been made in full. In computing taxable income or losses for the purposes of determining the amount of distributions pursuant made, so as to this Section 7.03(d), items of income, gain, loss and deduction shall be determined taking into account any adjustments pursuant to Section 734, Section 743 or Section 704(c) of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf of any Member shall be repaid to the Company by reducing the amount of the next succeeding distribution or distributions that would otherwise have been made give effect to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d)), or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) shall be calculated and distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the Fiscal Year through the end of such quarterly period, at least five days prior to the date on which U.S. federal corporate estimated tax payments are due and (ii) with respect to each Fiscal Year, at the end of such Fiscal Yearactual determinations and/or revised estimates.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Venetian Casino Resort LLC), Limited Liability Company Agreement (Grand Canal Shops Mall Construction LLC)

Tax Distributions. To Notwithstanding any provision to the contrary contained in this Agreement, in the event that the Members are allocated taxable income from the Company (excluding for the avoidance of doubt, taxable income that arises from the receipt of equity interests from the Company or its Subsidiaries), the Company shall make distributions to such Members to the extent of Available Cash Flow available cash (as determined by the Board acting unanimouslyin its reasonable discretion) in an amount equal to such income multiplied by a tax rate equal to 45% or such higher rate as reasonably determined by the Company shall Board to take into account increases in tax rates after the date hereof; it being understood that, if the Members are allocated material taxable income without corresponding cash distributions sufficient to pay the resulting tax liabilities, it is the Company’s intention to make the tax distributions referred to herein. In addition, in the event that the tax distributions to a distribution Member pursuant to the Members in respect of the Units as follows: (i) if the product of (A) a Class P Unitprevious sentence with regard to any calendar year are greater than such Member’s proportionate share of cumulative taxable income distributions under Section 9.1, then, to the extent of available cash, an additional amount shall be distributed under this Section 9.6 and shall be apportioned among the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period in which such Class P Unit is outstanding and (B) the Tax Rate, exceeds the aggregate amounts distributed in respect of such Class P Unit pursuant to Section 7.03(b), Section 7.03(c) and Section 13.02 for such period, the Company shall make a distribution with respect to such Class P Unit of an amount of cash other Members such that the total cash amount distributed under this Section 9.6 to all Members shall be allocated among the Members in accordance with respect to such period is equal to the amount of such excess; and (ii) if the product of (A) a Common Uniteach Member’s allocable proportionate share of taxable income of the Company for the Fiscal Year or other relevant period, and (B) the Tax Rate, exceeds the amounts distributed in respect of such Common Unit pursuant distributions under Section 9.1. Any distributions made to Section 7.03(b) or Section 7.03(c) with respect to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit Member pursuant to this Section 7.03(d) with respect to such period is equal to 9.6 shall reduce the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d) shall be treated as an advance against future distributions otherwise payable distributable to such Member pursuant to Section 7.03(b), Section 7.03(c) or Section 13.02(b) the other provisions of this Agreement, and so that to the maximum extent possible, the total amount of distributions received by each Member pursuant to this Agreement at any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c) shall be deemed to include amounts distributed to time is the same as such Member under would have received if no distribution had been made pursuant to this Section 7.03(d) with respect thereto; provided9.6. Notwithstanding the foregoing, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such distributions Company shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all not make any distributions under this Section 7.03(d) had been made in full. In computing 9.6 with respect to taxable income attributable to the sale, exchange or losses for other disposition by the purposes Company of determining the amount shares of distributions pursuant to this Section 7.03(d)InterCo, items of income, gain, loss and deduction shall be determined taking into account NewBank or any adjustments pursuant to Section 734, Section 743 or Section 704(c) other Subsidiary of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf Company, including upon the occurrence of any Member shall be repaid transaction contemplated by Section 12.7 to the Company by reducing the amount of the next succeeding distribution or distributions extent that would otherwise have been made to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d)), or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) shall be calculated and sale, exchange or other disposition are distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the Fiscal Year through the end of such quarterly period, at least five days prior to the date on which U.S. federal corporate estimated tax payments are due and (ii) with respect to each Fiscal Year, at the end of such Fiscal YearMembers.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (BankUnited, Inc.), Limited Liability Company Agreement (BankUnited, Inc.)

Tax Distributions. To (a) Subject to any restrictions in the extent of Available Cash Flow (as determined by Credit Facilities, the Board acting unanimously) of Managers shall cause the Company shall make to distribute to the Members, on a distribution timely basis taking into consideration the due dates for estimated tax payments, an amount designed to assist the Members in satisfying their respective tax liabilities arising from allocations of income, gain, loss, deduction and credit attributable to such Members’ interests in the Company in any taxable quarter (or other applicable period) for which such an allocation is required (each, a “Tax Distribution”). (b) Any Tax Distributions made to the Members shall be made in respect an aggregate amount (without duplication) equal to the sum of the Units as follows: Tax Distributions calculated pursuant to this Section 5.04 for each Member. For each Member, such Member’s Tax Distribution shall be equal to (i) if the product of (A) a Class P Unit’s share of cumulative taxable income of the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period Assumed Tax Rate then in which effect and applicable to such Class P Unit is outstanding Member and (B) for the Tax Rateapplicable fiscal quarter (or other applicable period), exceeds the aggregate cumulative excess of items of income over items of expense allocable to such Member, or the cumulative excess of items of gain over items of loss allocable to such Member, as appropriate, in each case taking into account losses from prior periods, and (ii) any previously undistributed amounts determined pursuant to the formula set forth in clause (i). (c) Any distributions made pursuant to this Section 5.04 shall be treated for purposes of this Agreement as having been distributed in respect of such Class P Unit pursuant to Section 7.03(b)5.02 (and, if applicable, Section 7.03(c9.03(c)(ii)) and Section 13.02 for such periodshall reduce, dollar-for-dollar, the Company shall make a distribution with respect amount otherwise distributable to such Class P Unit Member pursuant to Section 5.02 (and, if applicable, Section 9.03(c)(ii)). If, at the end of an any Fiscal Year, the aggregate amount of cash such Tax Distributions made to a Member is in excess of the amount that would result from the total cash distributed with respect application of the formula set forth in Section 5.04(a) to such period is equal to the entire Fiscal Year, then the amount of such excess; and (ii) if the product of (A) a Common Unit’s allocable share of taxable income of the Company for the Fiscal Year or other relevant period, and (B) the Tax Rate, exceeds the amounts distributed in respect of such Common Unit pursuant to Section 7.03(b) or Section 7.03(c) with respect to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit pursuant to this Section 7.03(d) with respect to such period is equal to the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d) excess shall be treated as an advance against against, and shall reduce the amount of, any future distributions otherwise payable made with respect to such Member pursuant to Section 7.03(b), Section 7.03(c) or Section 13.02(b) of this Agreement, and any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c) shall be deemed to include amounts distributed to such Member under this Section 7.03(d) with respect thereto; provided, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such distributions shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all distributions under this Section 7.03(d) had been made in full. In computing taxable income or losses for the purposes of determining the amount of distributions pursuant to this Section 7.03(d), items of income, gain, loss and deduction shall be determined taking into account any adjustments pursuant to Section 734, Section 743 or Section 704(c) of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf of any Member shall be repaid to the Company by reducing the amount of the next succeeding distribution or distributions that would otherwise have been made to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d)), or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) shall be calculated and distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the Fiscal Year through the end of such quarterly period, at least five days prior to the date on which U.S. federal corporate estimated tax payments are due and (ii) with respect to each Fiscal Year, at the end of such Fiscal Year5.04.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (STR Holdings (New) LLC), Limited Liability Company Agreement (STR Holdings LLC)

Tax Distributions. To (i) Notwithstanding any other provision of this Section 5.03 to the contrary (but subject to Section 5.03(e)(ii)), to the extent of Available Cash Flow (permitted by Law and consistent with the Company’s obligations to its creditors as determined by the Board acting unanimously) the Company shall make a distribution to the Members in respect of the Units as follows: (i) if the product of (A) a Class P Unit’s share of cumulative taxable income of the Company (whether characterized as a share of taxable income, gross income or otherwise) during the period in which such Class P Unit is outstanding and (B) the Tax Rate, exceeds the aggregate amounts distributed in respect of such Class P Unit pursuant to Section 7.03(b), Section 7.03(c) and Section 13.02 for such periodManager, the Company shall make a distribution with respect to such Class P Unit of an amount of cash such that the total cash distributed with respect to such period is equal to the amount of such excess; and (ii) if the product of (A) a Common Unit’s allocable share of taxable income of the Company for the Fiscal Year or other relevant period, and (B) the Tax Rate, exceeds the amounts distributed in respect of such Common Unit pursuant to Section 7.03(b) or Section 7.03(c) with respect to such Fiscal Year or such other period, the Company shall make a distribution with respect to such Common Unit of an amount of cash such that the total cash distributed with respect to such Common Unit pursuant to this Section 7.03(d) with respect to such period is equal to the amount of such excess; provided, that any distribution pursuant to this Section 7.03(d) shall be treated as an advance against future distributions otherwise payable to such Member pursuant to Section 7.03(b), Section 7.03(c) or Section 13.02(b) of this Agreement, and any reference herein to an amount distributed to a Member under Section 7.03(b) or Section 7.03(c) shall be deemed to include amounts distributed to such Member under this Section 7.03(d) with respect thereto; provided, further, that in the event there is insufficient Available Cash Flow to pay the distributions contemplated by this Section 7.03(d) in full, such distributions shall be made pro rata in accordance with each Unit’s proportionate share of the aggregate distributions that would have been made if all distributions under this Section 7.03(d) had been made in full. In computing taxable income or losses for the purposes of determining the amount of distributions pursuant to this Section 7.03(d), items of income, gain, loss and deduction shall be determined taking into account any adjustments pursuant 5.03(e)(i) to Section 734, Section 743 or Section 704(c) of the Code. All tax distributions pursuant to this Section 7.03(d) made on behalf of any each Member shall be repaid to the Company by reducing the amount of the next succeeding distribution or distributions that would otherwise have been made to such Member pursuant to Section 7.03(b) or Section 7.03(c) (other than distributions under this Section 7.03(d)), or, if such distributions are not sufficient for that purpose, by so reducing the proceeds of Liquidation otherwise payable to such Member. The amounts distributable pursuant to this Section 7.03(d) shall be calculated and distributed at the following times: (i) quarterly, on an estimated basis, with respect to the portion of the Fiscal Year through the end of such quarterly period, at least five days two (2) Business Days prior to the date on which any U.S. federal corporate estimated tax payments are due (or at such other times as are necessary to permit the Members or their beneficial owners to pay their U.S. federal, state and local estimated tax payment responsibilities, as reasonably determined by the Manager), in an amount equal to such Member’s Tax Distribution Amount (estimated on a quarterly basis by the Manager, taking into account estimated taxable income or loss of the Company through the end of the relevant quarterly period). The Manager shall adjust subsequent Tax Distributions up or down to reflect any variation between its prior estimate of quarterly Tax Distributions and the Tax Distributions that would have been computed under this Section 5.03(e) based on subsequent information. For the avoidance of doubt, no Member shall be entitled to receive any distributions pursuant to this Section 5.03(e) in respect of any Class B Common Units held by such Member. (ii) To the extent a Member otherwise would be entitled to receive less than its Class A Percentage Interest of the aggregate Tax Distributions to be paid pursuant to this Section 5.03(e) on any given date, then the Tax Distributions to such Member shall be increased to ensure that all such Tax Distributions made pursuant to this Section 5.03(e) are made pro rata in accordance with respect the Members’ respective Class A Percentage Interests. If, on a Tax Distribution date, there are insufficient funds on hand to each distribute to the Members the full amount of the Tax Distributions to which such Members are otherwise entitled pursuant to this Section 5.03(e), the Company shall use its reasonable best efforts to distribute to the Members the amount of funds that are available pro rata in accordance with the Tax Distributions that would have been paid to the Members had no applicable limitation existed and the Company shall make future Tax Distributions as soon as funds become available sufficient to pay the remaining portion of Tax Distributions to which such Members would have been entitled had sufficient funds been available. Any distributions paid pursuant to Section 5.03(b) during a Fiscal Year shall, to the extent of Tax Distributions otherwise required to be paid during such Fiscal Year, at the end of be treated as Tax Distributions paid during such Fiscal Year. (iii) Tax Distributions with respect to income or gain allocations made for periods beginning on or after the Restatement Date (including for this purpose amounts taken into account pursuant to the final sentence of the definition of “Tax Distribution Amount”) shall be treated as advances of amounts otherwise distributable to any Member pursuant to this Section 5.03 (other than this Section 5.03(e)) or Section 12.02(b)(ii), and accordingly shall be applied against and reduce (without duplication) the next amounts that would otherwise be payable to such Member pursuant to such provisions.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Milan Laser Inc.)