Common use of Allocation of Certain Withholding Taxes and Other Expenditures Clause in Contracts

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the Board, without limitation of any other rights of the Company or the Board, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s Interest shall pay to the Company as a contribution to the capital of the Company, upon demand of the Company, the amount of such excess. The Company shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company determines that a Member is eligible for a refund of any withholding tax, the Company may, at the request and expense of such Member, assist such Member in applying for such refund.

Appears in 4 contracts

Samples: Limited Liability Company Operating Agreement (FEG Directional Access Fund LLC), Limited Liability Company Operating Agreement (FEG Equity Access Fund LLC), Limited Liability Company Operating Agreement (Feg Absolute Access Tei Fund LLC)

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Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the Board, without limitation of any other rights of the Company or the Board, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s Interest Units shall pay to the Company as a contribution to the capital of the Company, upon demand of the Company, the amount of such excess. The Company shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company determines that a Member is eligible for a refund of any withholding tax, the Company may, at the request and expense of such Member, assist such Member in applying for such refund.

Appears in 3 contracts

Samples: Limited Liability Company Operating Agreement (Feg Absolute Access Fund LLC), Limited Liability Company Operating Agreement (Feg Absolute Access Tei Fund LLC), Limited Liability Company Operating Agreement (FEG Directional Access Fund LLC)

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the BoardBoard of Managers, without limitation of any other rights of the Company or the BoardManagers, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s 's Interest shall pay to the Company as a contribution to the capital of the Company, upon demand of the CompanyBoard of Managers, the amount of such excess. The Company Board of Managers shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company Board of Managers determines that a Member is eligible for a refund of any withholding tax, the Company Board of Managers may, at the request and expense of such Member, assist such Member in applying for such refund.

Appears in 2 contracts

Samples: Limited Liability Company Agreement (Sawgrass Fund LLC), Limited Liability Company Agreement (Whistler Fund LLC)

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the BoardBoard of Managers, without limitation of any other rights of the Company or the BoardManagers, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s Interest shall pay to the Company as a contribution to the capital of the Company, upon demand of the CompanyBoard of Managers, the amount of such excess. The Company Board of Managers shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company Board of Managers determines that a Member is eligible for a refund of any withholding tax, the Company Board of Managers may, at the request and expense of such Member, assist such Member in applying for such refund.

Appears in 1 contract

Samples: Limited Liability Company Agreement (Susa Registered Fund, L.L.C.)

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Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the Board, without limitation of any other rights of the Company or the Board, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s Interest Units shall pay to the Company as a contribution to the capital of the Company, upon demand of the Company, the amount of such excess. The Company shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company determines that a Member is eligible for a refund of any withholding tax, the Company may, at the request and expense of such Member, assist such Member in applying for such refund.. Exhibit (a)(1)

Appears in 1 contract

Samples: Limited Liability Company Operating Agreement (FEG Directional Access TEI Fund LLC)

Allocation of Certain Withholding Taxes and Other Expenditures. (a) If the Company incurs a withholding tax or other tax obligation with respect to the share of Company income allocable to any Member, then the BoardBoard of Managers, without limitation of any other rights of the Company or the BoardManagers, shall cause the amount of such obligation to be debited against the Capital Account of such Member when the Company pays such obligation, and any amounts then or thereafter distributable to such Member shall be reduced by the amount of such taxes. If the amount of such taxes is greater than any such distributable amounts, then such Member and any successor to such Member’s 's Interest shall pay to the Company as a contribution to the capital of the Company, upon demand of the CompanyBoard of Managers, the amount of such excess. The Company Board of Managers shall not be obligated to apply for or obtain a reduction of or exemption from withholding tax on behalf of any Member that may be eligible for such reduction or exemption; provided, that in the event that the Company Board of Managers determines that a Member is eligible for a refund of any withholding tax, the Company may, at the request and expense of such Member, assist such Member in applying for such refund.is

Appears in 1 contract

Samples: Limited Liability Company Agreement (Xanthus Fund LLC)

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