Common use of Withholding Advances Clause in Contracts

Withholding Advances. The Company is hereby authorized at all times to make payments (“Withholding Advances”) with respect to each Company Member in amounts required to discharge any obligation of the Company (as determined by the Board based on the advice of legal or tax counsel to the Company) to withhold or make payments to any federal, state, local or foreign taxing authority (a “Taxing Authority”) with respect to any Distribution or allocation by the Company of income or gain to such Company Member (including payments made pursuant to Code Section 6225 as amended by the Bipartisan Budget Act of 2015 as such provisions may be modified from time to time (the “BBA”) and apportioned to a Company Member as determined by the Board in its reasonable discretion based on the advice of legal or tax counsel to the Company) and to withhold the same from Distributions to such Company Member. Any funds withheld from a Distribution by reason of this Section 11.4 shall nonetheless be deemed Distributed to the Company Member in question for all purposes under this Agreement and, at the option of the Board, shall be charged against the Company Member’s Capital Account. The Board shall promptly notify a Company Member of any proposed Withholding Advances.

Withholding Advances. The Company is hereby authorized at all times to make payments (“Withholding Advances”) with respect to each Company Member in amounts required to discharge any obligation of the Company (as determined by the Board based on the advice of legal or tax counsel to the Company) to withhold or make payments to any federal, state, local or foreign taxing authority (a “Taxing Authority”) with respect to any Distribution or allocation by the Company of income or gain to such Company Member (including payments made pursuant to Code Section 6225 as amended by the Bipartisan Budget Act of 2015 as such provisions may be modified from time to time (the “BBA”) and apportioned to a Company Member as determined by the Board in its reasonable discretion based on the advice of legal or tax counsel to the Company) and to withhold the same from Distributions to such Company Member. Any funds withheld from a Distribution by reason of this Section 11.4 shall nonetheless be deemed Distributed to the Company Member in question for all purposes under this Agreement and, at the option of the Board, shall be charged against the Company Member’s Capital Account. The Board shall promptly notify a Company Member of any proposed Withholding Advances.Advances.‌