Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a member of any Borrower as a result of such Borrower’s status as a limited liability company as evidenced and substantiated by the tax returns filed by such Borrower as a limited liability company, with such taxes being calculated for all members at the highest marginal rate applicable to any member.
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a (direct or indirect) member or partner of any of the Loan Parties and the Restricted Subsidiaries as a result of such Loan Party’s or such Restricted Subsidiary’s status as a limited liability company or limited partnership as evidenced and substantiated by the tax returns filed by such Loan Party or such Restricted Subsidiary as a limited liability company or limited partnership, as the case may be, with such taxes being calculated for all (direct or indirect) members and partners, as the case may be, at the highest effective marginal combined U.S. federal, state and local income tax rate or rates applicable to any such member or partner, taking into account the character of the items of income, gain, loss or deduction allocated to such member or partner, as the case may be.
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a shareholder or member of any Borrower as a result of such Borrower’s status as a limited liability company, subchapter S corporation or any other entity that is disregarded for federal and state income tax purposes (as applicable) but only so long as such Borrower has elected to be treated as a pass though entity for federal and state income tax purposes and such election has not been rescinded or withdrawn, as evidenced and substantiated by the tax returns filed by such Borrower (as applicable), with such taxes being calculated for all members or shareholders, as applicable, at the highest marginal rate applicable to any member or shareholder, as applicable.
Examples of Increased Tax Burden in a sentence
An Increased Tax Burden: The policy of supporting failing enterprises has resulted in a higher tax burden on successful enterprises and on individuals, resulting in negative repercussions for the financial markets.
In the event (x) the actual distribution to a stockholder made pursuant to this Section 7.7 for any year exceeds the Increased Tax Burden of such stockholder for such year, then the applicable stockholder shall repay to Borrower the amount of such excess or refund, as the case may be, no later than 30 days after the date the annual tax return must be filed by Borrower (taking into account no more than one filing extension).
Borrower shall be permitted to make distributions to its members in an aggregate amount equal to the Increased Tax Burden of its members.
More Definitions of Increased Tax Burden
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a shareholder or member of any Loan Party as a result of such Loan Party’s status as a limited liability company, subchapter S corporation or any other entity that is disregarded for federal and state income tax purposes (as applicable) but only so long as such Loan Party has elected to be treated as a pass though entity for federal and state income tax purposes and such election has not been rescinded or withdrawn, as evidenced and substantiated by the tax returns filed by such Loan Party (as applicable), with such taxes being calculated for all members or shareholders, as applicable, at the highest marginal rate applicable to any member or shareholder, as applicable.
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a shareholder or member of any Borrower as a result of such Borrower’s status as a limited liability company, subchapter S corporation or any other entity that is disregarded for federal and state income tax purposes (as applicable) but only so long as such Borrower has elected to be treated as a pass though entity for federal and state income tax purposes and such election has not been rescinded or withdrawn, as evidenced and substantiated by the tax returns filed by such Borrower (as applicable), with such taxes being calculated for all members or shareholders, as applicable, at the highest marginal rate applicable to any member or shareholder, as applicable and by taking into account losses previously allocated to each such member or shareholder, as applicable, by such Borrower to the extent such losses have not previously been applied to reduce the Increased Tax Burden hereunder; provided that capital losses and capital loss carry forwards shall be taken into account only to the extent they are currently usable to offset income or gain allocated by such Borrower to a member or shareholder, as applicable; and provided, further, that to the extent that any losses allocated by such Borrower result in a payback by a member(s) to such Borrower of previous tax distributions pursuant to Section 7.7 hereof, then such losses shall not be taken into account for purposes of determining the Increased Tax Burden hereunder.
Increased Tax Burden means the aggregate federal, state and local income tax liabilities of the stockholders of Borrower attributable to the allocation of Borrower’s items of income, loss, deduction or credit to the stockholders pursuant to Section 1366 of the Code, assuming that (i) the stockholders are subject to the maximum federal income tax rate and the maximum combined state and local individual income tax rate, and (ii) the Borrower’s items of income, loss, deduction or credit allocated to the stockholders are the sole source of such tax items for the stockholders. For purposes of computing the Increased Tax Burden, the carryover of any unused items of loss or deduction allocated to the stockholders pursuant to Section 1366 shall reduce the items of income or credit allocated to the stockholders (taking into account clause (ii) above).
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a member of Holdings and/or Xxxxxxx Xxxx as a result of such Borrower’s status as a limited liability company, in each case, reasonably estimated by Holdings and/or Xxxxxxx Xxxx, as applicable, in respect of the quarterly estimated tax payments payable by such member and subsequently evidenced and substantiated by (and adjusted, if and to the extent required by Section 7.7, based upon) the tax returns filed by Holdings and Xxxxxxx Xxxx, as a limited liability company, with such taxes being calculated for all members at the highest marginal rate applicable to any member.
Increased Tax Burden means the additional federal, state, or local taxes assumed to be payable by a Pass-Through Owner of a Pass-Through Loan Party due to its status as a Pass-Through Loan Party, as evidenced and substantiated by the tax returns filed by that Pass-Through Owner (with these taxes calculated for all Pass-Through Owners at the highest federal and state marginal rates applicable to any Pass-Through Owner and taking into account losses previously allocated to each Pass-Through Owner by that Pass-Through Loan Party to the extent those losses have not previously been applied to reduce the Increased Tax Burden (but (1) capital losses and capital loss carry forwards are taken into account only to the extent they are currently usable to offset income or gain allocated by that Pass-Through Loan Party to a Pass-Through Owner and (2) to the extent that any losses allocated by that Pass-Through Loan Party result in a payback by a Pass-Through Owner to that Pass-Through Loan Party of previous tax distributions in accordance with this Agreement then those losses are not taken into account for purposes of determining the Increased Tax Burden)).
Increased Tax Burden means the additional federal, state or local taxes assumed to be payable by a shareholder or member of any Borrower as a result of such Borrower’s status as a member of a group filing tax returns on a combined or consolidated basis (“Tax Group”) or as a limited liability company, subchapter S corporation or any other entity that is disregarded for federal and state income, franchise, gross receipts, sales or other tax purposes (as applicable) but only so long as such Borrower remains a member of such a Tax Group or has elected to be treated as a pass though entity for such tax purposes and such election has not been rescinded or withdrawn, as evidenced and substantiated by the tax returns filed by such Borrower (as applicable), with such taxes being calculated for all members or shareholders, as applicable, at the highest marginal rate applicable to any member or shareholder, as applicable.
Increased Tax Burden means the additional federal or state taxes assumed to be payable by a member or shareholder of any Borrower or Guarantor as a result of its status as a limited liability company or subchapter S corporation but only so long as it has elected to be treated as a pass-through entity for federal and state income tax purposes and such election has not been rescinded or withdrawn, as evidenced and substantiated by the tax returns filed by it, with such taxes being calculated for all members or shareholders at the highest marginal rate applicable to any of them and by taking into account losses previously allocated to each such member or shareholder to the extent such losses have not previously been applied to reduce the Increased Tax Burden hereunder.