Common use of Withholding; Tax Payments Clause in Contracts

Withholding; Tax Payments. The Managing Partner is authorized to withhold and pay over all amounts required to be withheld pursuant to the Code (including, without limitation, Code Sections 1441, 1445 and 1446) or pursuant to any provision of any state or local tax law with respect to (i) any payment or distribution to any Partner or (ii) any allocation of income to any Partner. All amounts withheld and paid over pursuant to the Code or any provision of any state or local tax law shall be treated as amounts distributed to such Partner pursuant to this Article VI for all purposes of this Agreement. The allocations of any such amounts among the Partners shall be determined pursuant to any reasonable method chosen by the Managing Partner, with the prior consent of TRT that is in accordance with applicable law with the understanding that such allocations are intended to be made to the party that caused the tax to be incurred.