Common use of Adjustment of Basis of Partnership Property Clause in Contracts

Adjustment of Basis of Partnership Property. In the event of a distribution of the Onshore Partnership’s property to a Partner or an assignment or other transfer (including by reason of death) of all or part of the Interest of a Partner in the Onshore Partnership, the General Partner, in its discretion, may cause the Onshore Partnership to elect, pursuant to Section 754 of the Code, or the corresponding provision of subsequent law, to adjust the basis of the Onshore Partnership’s property as provided by Sections 734 and 743 of the Code. In connection with a withdrawal from the Onshore Partnership, each Limited Partner hereby agrees to promptly advise the Onshore Partnership of all details relating to such withdrawal that may be necessary for the Onshore Partnership to comply with its obligations under Section 734 of the Code, and will reimburse the Onshore Partnership for any expenses incurred by the Onshore Partnership with respect to any tax basis adjustments the Onshore Partnership may as a result be required to make; and the Limited Partner will provide the Onshore Partnership promptly upon request by the General Partner any information that the General Partner may deem necessary to allow the Onshore Partnership to comply with its obligation to make any basis adjustment required under Section 734 of the Code along with any other reasonably requested information that is related to such obligation.

Adjustment of Basis of Partnership Property. In the event of a distribution of the Onshore Partnership’s property to a Partner or an assignment or other transfer (including by reason of death) of all or part of the Interest of a Partner in the Onshore Partnership, the General Partner, in its discretion, may cause the Onshore Partnership to elect, pursuant to Section 754 of the Code, or the corresponding provision of subsequent law, to adjust the basis of the Onshore Partnership’s property as provided by Sections 734 and 743 of the Code. In connection with a withdrawal from the Onshore Partnership, each Limited Partner hereby xxxxxx agrees to promptly advise the Onshore Partnership of all details relating to such withdrawal that may be necessary for the Onshore Partnership to comply with its obligations under Section 734 of the Code, and will reimburse the Onshore Partnership for any expenses incurred by the Onshore Partnership with respect to any tax basis adjustments the Onshore Partnership may as a result be required to make; and the Limited Partner will provide the Onshore Partnership promptly upon request by the General Partner any information that the General Partner may deem necessary to allow the Onshore Partnership to comply with its obligation to make any basis adjustment required under Section 734 of the Code along with any other reasonably requested information that is related to such obligation.