Quarterly Estimated Tax Amount of a Member for any calendar quarter of a Fiscal Year means the excess, if any of (a) the product of (i) a quarter (¼) in the case of the first calendar quarter of the Fiscal Year, half (½) in the case of the second calendar quarter of the Fiscal Year, three-quarters (¾) in the case of the third calendar quarter of the Fiscal Year, and one (1) in the case of the fourth calendar quarter of the Fiscal Year and (ii) the Member’s Estimated Tax Amount for such Fiscal Year over (b) all Distributions previously made during such Fiscal Year to such Member.
Quarterly Estimated Tax Amount of a Limited Partner for any calendar quarter of a Taxable Year means the excess, if any of (i) the product of (A) ¼ in the case of the first calendar quarter of the Taxable Year, ½ in the case of the second calendar quarter of the Taxable Year, ¾ in the case of the third calendar quarter of the Taxable Year, and 1 in the case of the fourth calendar quarter of the Taxable Year and (B) the Limited Partner’s Estimated Tax Amount for such Taxable Year over (ii) all distributions previously made with respect to such Taxable Year to such Limited Partner pursuant to Section 7.3. In the case of the Taxable Year that includes the date of February 11, 2014, an appropriate allocation of the Quarterly Estimated Tax Amount for purposes of Section 7.3(a) and (b) shall be made in the sole discretion of the Partnership.
Quarterly Estimated Tax Amount of a Limited Partner for any calendar quarter of a Fiscal Year means the excess, if any of (i) the product of (A) ¼ in the case of the first calendar quarter of the Fiscal Year, ½ in the case of the second calendar quarter of the Fiscal Year, ¾ in the case of the third calendar quarter of the Fiscal Year, and 1 in the case of the fourth calendar quarter of the Fiscal Year and (B) the Limited Partner’s Estimated Tax Amount for such Fiscal Year over (ii) all distributions previously made with respect to such Fiscal Year to such Limited Partner pursuant to Section 8.2 of this Agreement.
Examples of Quarterly Estimated Tax Amount in a sentence
Subject to the restrictions of any of the Company’s and/or its Subsidiaries’ then applicable debt financing agreements, the Board may cause the Company to distribute to each Unitholder cash in proportion to and to the extent of such Unitholder’s Quarterly Estimated Tax Amount for the applicable calendar quarter.
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At least ten days before each date prescribed by the Code for a calendar year corporation to pay quarterly installments of estimated tax, the Company shall distribute to each Unitholder cash in proportion to and to the extent of such Unitholder's Quarterly Estimated Tax Amount for the applicable calendar quarter.
If, at any time after the final Quarterly Estimated Tax Amount has been distributed pursuant to the previous sentence with respect to any Fiscal Year, the aggregate Tax Advances to any Member with respect to such Fiscal Year are less than such Member’s Tax Amount for such Fiscal Year (a “Shortfall Amount”), the Company shall use commercially reasonable efforts to distribute cash in proportion to and to the extent of each Member’s Shortfall Amount.
If, at any time after the final Quarterly Estimated Tax Amount has been Distributed pursuant to this Section 7.01(a)(i) with respect to any Fiscal Year, the aggregate Tax Advances to any Member with respect to such Fiscal Year are less than such Member’s Tax Amount for such Fiscal Year (a “Shortfall Amount”), then the Company shall use commercially reasonable efforts to Distribute cash in proportion to and to the extent of each Member’s Shortfall Amount.
More Definitions of Quarterly Estimated Tax Amount
Quarterly Estimated Tax Amount means, with respect to any quarter of a Fiscal Year, the excess of (i) the product of (A) ¼ in the case of the first quarter of the Fiscal Year, ½ in the case of the second quarter of the Fiscal Year, ¾ in the case of the third quarter of the Fiscal Year, and 1 in the case of the fourth quarter of the Fiscal Year and (B) such Member’s Estimated Tax Amount for such Fiscal Year over (ii) all prior distributions made to such Member for such Fiscal Year (including Quarterly Estimated Tax Amounts for such Fiscal Year).
Quarterly Estimated Tax Amount has the meaning set forth in Section 5.3 hereof.
Quarterly Estimated Tax Amount of a Unitholder for any calendar quarter of a Fiscal Year means the excess, if any of (i) the product of (A) ¼ in the case of the first calendar quarter of the Fiscal Year, ½ in the case of the second calendar quarter of the Fiscal Year, ¾ in the case of the third calendar quarter of the Fiscal Year, and one (1) in the case of the fourth calendar quarter of the Fiscal Year and (B) the Unitholder's Estimated Tax Amount for such Fiscal Year over (ii) the aggregate amount of all Distributions theretofore made in respect of the Units held by such Unitholder; provided that, for purposes of determining the Quarterly Estimated Tax Amount for the Grande Holdings Investor for any period, the Estimated Tax Amount for the Grande Holdings Investor will be determined without including, as Adjusted Taxable Income with respect to its Units, any built-in gain (determined as of the date of this Agreement) specially allocated, under requirements of Section 704(c) of the Code, to such Unitholder in respect of asset sales or any gain recognized on or prior to the date of this Agreement (other than for alternative minimum tax purposes) on the transfer of property by the Grande Holdings Investor to the Partnership in exchange for Units. For the avoidance of doubt, the Adjusted Taxable Income of the Grande Holdings Investor will be determined by including any gain allocated to such Person that is in excess of the built-in gain, if any, referred to in the immediately preceding sentence.
Quarterly Estimated Tax Amount of a Member for any calendar quarter of a fiscal year means the excess, if any, of (a) the product of (i) a quarter (1/4) in the case of the first calendar quarter of the fiscal year, half (1/2) in the case of the second calendar quarter of the fiscal year, three-quarters (3/4) in the case of the third calendar quarter of the fiscal year, and one (1) in the case of the fourth calendar quarter of the fiscal year and (ii) the Member's Estimated Tax Amount for such fiscal year over (b) all distributions previously made during such fiscal year to such Member. hhh. "Reserves" means amounts set aside from time to time by the Manager pursuant to Section 4.8. iii. "Revaluation" means the occurrence of any event described in this Agreement as a result of which the book value of Property is adjusted by the Company to its Fair Value. jjj. "Revised Act" means the Minnesota Revised Uniform Limited Liability Company Act (Minn. Stat. SS 322C.0101 et. seq.). kkk. "Securities Act" means the Securities Act of 1933, as amended, or any successor federal statute, and the rules and regulations thereunder. lll. "Shortfall Amount" has the meaning set forth in Section 4.9(b). mmm. "Tax Advance" has the meaning set forth in Section 4.9(a).
Quarterly Estimated Tax Amount for any quarter of a Taxable Year shall be equal to the excess, if any of (i) the product of (A) 1⁄4 in the case of the first quarter of the Taxable Year, 1⁄2 in the case of the second quarter of the Taxable Year, 3⁄4 in the case of the third quarter of the Taxable Year or 1 in the case of the fourth quarter of the Taxable Year, multiplied by (B) such Unitholder’s Estimated Tax Amount for such Taxable Year, over (ii) all prior Distributions of Quarterly Estimated Tax Amounts for such Taxable Year. For each Taxable Year, (x) the excess, if any, of (I) a Unitholder’s actual Tax Amount based on such Unitholder’s Partnership Income Amount reflected on such Unitholder’s Schedule K-1, over (II) the total Tax Distributions received by such Unitholder in respect of the applicable Taxable Year shall be distributed and treated as a Tax Distribution for all purposes to such Unitholder on the Tax Distribution date next following the issuance of Schedule K-1, and (y) conversely, the excess, if any, of (A) a Unitholder’s total Tax Distributions received by such Unitholder in respect of the applicable Taxable Year, over (B) such Unitholder’s actual Tax Amount based on such Unitholder’s Partnership Income Amount reflected on such Unitholder’s Schedule K-1 shall be credited against and reduce the amount to be distributed to such Unitholder on the Tax Distribution date(s) next following the issuance of the Schedule K-1. On or prior to payment of each Tax Distribution, Holdings LLC shall use commercially reasonable efforts to deliver to each Member a statement setting forth its calculation of such Member’s Quarterly Estimated Tax Amount.
Quarterly Estimated Tax Amount of a Limited Partner for any quarter of a Taxable Year means the excess, if any of (i) the product of (A) ¼ in the case of the first quarter of the Taxable Year, ½ in the case of the second quarter of the Taxable Year, ¾ in the case of the third quarter of the Taxable Year, and 1 in the case of the fourth quarter of the Taxable Year, and (B) the Limited Partner’s Estimated Tax Amount for such Taxable Year over (ii) all distributions previously made with respect to such Taxable Year to such Limited Partner pursuant to Section 7.1 or Section 7.4. “Remaining Capital Commitment” means, in respect of any Limited Partner as of any time of determination, the amount of such Limited Partner’s Maximum Capital Commitment as of such time that has not been contributed as a Capital Contribution; provided that (i) the Remaining Capital Commitment of a Limited Partner shall not exceed the Maximum Capital Commitment made by such Limited Partner, and (ii) if such time of determination is after delivery of a Notice of Drawdown but before the related Capital Contribution, the amount specified in such Notice of Drawdown (as the same may be amended by a subsequent Notice of Drawdown related thereto in accordance with Section 6.5) shall not be included in any Limited Partner’s Remaining Capital Commitment unless the Capital Contribution sought by the Notice of Drawdown is abandoned. “Securities Act” means the Securities Act of 1933, as amended. “Subsidiary” means, with respect to any Person, any corporation, partnership, association or other business entity of which (i) if a corporation, a majority of the total voting
Quarterly Estimated Tax Amount has the meaning set forth in paragraph 4.4(c) of this Schedule 9.