Tax Liability Payments. Tax pay- ments equal to 39 percent of the total loan repayment amount will be cred- ited directly to the participant’s IRS (Federal tax) account simultaneously with each loan payment. The Secretary may make payments of an amount not to exceed 39 percent of the actual an- nual loan repayments made in a cal- endar year for all or part of the in- creased Federal, State, and local tax li- ability resulting from loan repayments received under the VMLRP. However, the Secretary may increase the cap, if appropriate. Supplementary payments for increased tax liability may be made for the actual amount of tax liability associated with the receipt of loan re- payments under the VMLRP. Avail- ability of these additional tax liability payments (i.e., in excess of 39 percent or other approved cap) will be identi- fied in the RFA and in the participant service agreement. Program partici- pants wishing to receive tax liability payments will be required to submit their requests for such payments in a manner prescribed by the Secretary and must provide the Secretary with any documentation the Secretary de- termines is necessary to establish a program participant’s increased tax li- ability. Tax liability payments in ex- cess of 39 percent or other approved cap will be made on a reimbursement basis only.
Tax Liability Payments. (a) In respect of Fiscal Year 2017, if (x) the Presumed Tax Liability (as calculated for purposes of this Agreement based on the Aggregate Presumed Tax Rate rather than the Presumed Tax Rate) associated with cumulative allocations of income made by all Operating Group Entities to the Limited Partner in respect of all of the Common Units in the Operating Group Entities held by him and his Related Trusts during Fiscal Year 2017 (excluding any tax liability associated with any Additional Payment (as defined in the 2017 Partner Agreement) during the period commencing with January 1, 2017, and ending on December 31, 2017, based on the Aggregate Presumed Tax Rate applicable to Fiscal Year 2017, exceeds (y) the aggregate Partnership Distributions (as defined below) (excluding advances of any Additional Payment for Fiscal Year 2017) made to the Limited Partner and his Related Trusts in respect of Fiscal Year 2017 (any such excess, the “Tax Liability Shortfall”), the Operating Group Entities shall make an aggregate payment to the Limited Partner equal to the Tax Liability Shortfall divided by one minus the Aggregate Presumed Tax Rate (a “Tax Liability Payment”). Any Tax Liability Payment with respect to Fiscal Year 2017 shall be paid to the Limited Partner by the Operating Group Entities no later than ten days prior to April 15, 2018 (subject to true-up after such date to the extent that the General Partner obtains updated information about the character of such allocations). The portion of the Tax Liability Payment made by the Partnership shall be treated as a distributive share of profits with respect to the Limited Partner’s Class C Non-Equity Interests in the Partnership. Notwithstanding anything herein or in any other agreement to the contrary, in no event shall the Limited Partner have any entitlement to any other payment with respect to tax liability for any year other than the foregoing Tax Liability Payment for Fiscal Year 2017 (which takes into account the Presumed Tax Liability associated with a Tax Liability Payment made in Fiscal Year 2018 in respect of Fiscal Year 2017).
(b) If the Limited Partner is subject to a Withdrawal due to Resignation prior to December 31, 2019 (other than one following a Change in Position as described in Section 7(b)), the After-Tax Distribution Amount (as defined below) of Partnership Distributions to be made to the Limited Partner and his Related Trusts following the date of such Withdrawal shall be reduced by an aggregate...
Tax Liability Payments. ABN shall promptly indemnify and hold harmless the Claimant from any and all Tax Liabilities in accordance with section 1.b hereof at such time as the Claimant notifies ABN in writing that any such Tax Liabilities have been asserted against the Claimant. The Claimant shall cooperate with ABN to the extent that ABN seeks to dispute any such Tax Liabilities with the appropriate governmental agency.
Tax Liability Payments. Tax pay- ments equal to 39 percent of the total loan repayment amount will be cred- ited directly to the participant’s IRS (Federal tax) account simultaneously
Tax Liability Payments. The Sec- retary may make payments of an amount not to exceed 39 percent of the actual annual loan repayments made in a calendar year for all or part of the in- creased Federal, State, and local tax li- ability resulting from loan repayments received under the VMLRP. Supple- mentary payments for increased tax li- ability may be made for the actual amount of tax liability associated with the receipt of loan repayments under the VMLRP. Availability of these addi- tional tax liability payments (i.e., in excess of 39 percent) will be identified in the RFA and in the participant serv- ice agreement. Program participants wishing to receive tax liability pay- ments will be required to submit their requests for such payments in a man- ner prescribed by the Secretary and must provide the Secretary with any documentation the Secretary deter- mines is necessary to establish a pro- gram participant’s increased tax liabil- ity. Tax liability payments in excess of 39 percent will be made on a reimburse- ment basis only.
