Tax Loans definition

Tax Loans means all of the outstanding loans made by the Company to the Executive pursuant to Section 6(c) of the Existing Employment Agreement in respect of federal, state or local tax due to a portion of the 17,500 shares of common stock of the Company awarded to the Executive
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Tax Loans has the meaning set forth in Section 5(k)(i) below.
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Tax Loans has the meaning set forth in Section 6.6 of the Agreement.
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Examples of Tax Loans in a sentence

  • The Key Employee will execute promissory notes in the form attached to this Agreement to evidence his obligation to repay such Tax Loans.

  • The Key Employee hereby pledges the Performance Shares awarded to him hereunder as to which the Restriction Period has lapsed, and assigns to the Trust all quarterly cash or other dividends paid on the Performance Shares awarded to him hereunder as collateral to secure his obligation to repay any Tax Loans extended to him hereunder and any accrued but unpaid Interest on such Tax Loans.

  • The Trust shall extend loans to the Key Employee -------- from time to time to provide him with funds to pay the federal and state taxes that he will incur as a result of the lapsing of the Restriction Period with respect to Restricted Shares except with respect to federal and state taxes incurred as a result of the lapsing of the Restriction Period with respect to Restricted Shares under Paragraph 3.3 ("Tax Loans").

  • The Key Employee hereby pledges the Restricted Shares awarded to him hereunder as to which the Restriction Period has lapsed, and assigns to the Trust all quarterly cash or other dividends paid on the Restricted Shares awarded to him hereunder as collateral to secure his obligation to repay any Tax Loans extended to him hereunder and any accrued but unpaid Interest on such Tax Loans.

  • For the avoidance of doubt, it is acknowledged and agreed that any Tax Loans shall not be deemed to be distributions for any purpose.

  • The Partners shall use reasonable efforts to cause each Investment Entity Agreement, including those with third parties, to provide for the making of Investment Entity Tax Loans to the Partnership to the extent required.

  • So long as any Tax Loan or the interest thereon remains unpaid, the Venture shall make future distributions due to such Partner under this Agreement by applying the amount of any such distribution first to the payment of any unpaid interest on all Tax Loans of such Partner and then to the repayment of the principal of all Tax Loans of such Partner.

  • The amount of any Tax Distributions or Tax Loans made to a Member pursuant to this Section 14.1(b) shall be deducted or repaid from the amount of any future distributions that would otherwise be made to such Member pursuant to this Section 14.1, Section 14.2 or Article XVII.

  • Tax Distributions or Tax Loans shall be made quarterly or on another basis in a manner reasonably determined by the Board of Managers to enable the Members to satisfy both estimated and final tax payment requirements.

  • So long as any Tax Loan or the interest thereon remains unpaid, the Partnership shall make future distributions of Bonuses or other Distributable Cash Flow due to such Partner under this Agreement by applying the amount of any such distribution first to the payment of any unpaid interest on all Tax Loans of such Partner and then to the repayment of the principal of all Tax Loans of such Partner.