Company Classification Sample Clauses

Company Classification. The Members intend that the Company be treated as a “partnership” for U.S. federal and state income tax purposes. The Members also intend that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code. Neither the Managers nor the Members may take any action inconsistent with the foregoing intent of the Parties. The Company is not a “partnership” for purposes of any state law partnership or limited partnership act, and the Members are not partners for the purpose of such acts.
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Company Classification. The Members intend that, until such time, if any, as the Company is converted to a corporation in accordance with this Agreement, the Company always be operated in a manner consistent with its treatment as a “partnership” for federal and state income tax purposes. The Members also intend that the Company not be operated or treated as a “partnership” for purposes of Section 303 of the Federal Bankruptcy Code. None of the Management Board, the Managers, or the Members may take any action inconsistent with the express intent of the parties hereto. The Company is not a “partnership” for purposes of the Utah General and Limited Liability Partnerships (Utah Code Axx. § 48-1-1 et seq.) or the Utah Revised Uniform Limited Partnership Act (Utah Code Axx. § 48-2a-101 et seq.) and the Members are not partners for the purposes of such provisions.
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Company Classification. The Members intend that the Company always be operated as a corporation and in a manner consistent with its treatment REIT under the Code and REIT Rules for federal and state income tax purposes. The Members also intend that the Company not be operated or treated as a partnership for purposes of Section 303 of Title 11 of the United States Code (relating to bankruptcy). The Members intend for the Company to qualify as a REIT under the relevant provisions of the Code. The Members intend for the Company to follow the REIT Rules in order to qualify as a REIT and to maintain such status for the life of the Company, once such status is realized. However, the foregoing sentence notwithstanding, the Manager, with consent of a majority of the Board may revoke or terminate the Company's REIT election/qualification in the event that the Board and the Manager determine that it is no longer in the Company's best interest to continue to qualify and operate as a REIT. The Company is not a partnership for purposes of any state law partnership act or limited partnership act and the Members are not partners for the purposes of such acts. ARTICLE III
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Company Classification. In each case, since January 1, 2015, the Company has been a validly electing S corporation within the meaning of Sections 1361 and 1362 of the Code for federal and all relevant state income Tax purposes and S&D Coffee has been a validly electing qualified subchapter S subsidiary within the meaning of Section 1361 of the Code for federal and all relevant state income Tax purposes.
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Company Classification. The Members intend that the Company always be operated as a not-for-profit entity. The Members intend that the Company always be operated in a manner consistent with its treatment as a "partnership" for federal and state income tax purposes. The Members also intend that the Company not be operated or treated as a "partnership" for purposes of Section 303 of the Federal Bankruptcy Code. The Members may not take any action inconsistent with the express intent of the Parties to this Agreement. The Company is not a "partnership" for purposes of the Utah General and Limited Liability Partnerships (Utah Code Xxx. Section 48-1-1 et seq), or the Utah Revised Uniform Limited Partnership Act (Utah Code Xxx. Section 48-2a-101 et seq), or the Utah Uniform Limited Partnership Act (Utah Code Xxx.), and the Members are not partners for the purposes of these provisions.
Sample 1
Company Classification. Except with the prior written consent of all Members, for federal income tax purposes, the Company shall not elect under Treasury Regulation § 301.7701-3 or otherwise to be taxed other than as a partnership, nor shall the Company or any Member elect to exclude the Company from the application of the provisions of subchapter K of chapter 1 of subtitle A of the Code or any similar provisions of applicable state Law.
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Related to Company Classification

  • Tax Classification The Series shall elect to be treated as an association taxable as a corporation under Treasury Regulations Section 301.7701-3 with effect for each taxable period of its existence. The Series and each Member shall file all tax returns and shall otherwise take all tax and financial reporting positions in a manner consistent with such treatment. No election will be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Series taxable other than as an association taxable as a corporation for income tax purposes.

  • Classification 7.06 Employees who cannot support the Union because of a conscientious objection as determined by the Union’s internal guidelines may apply to the Union in writing.

  • Industry Classification Groups For purposes of this Agreement, the Borrower shall assign each Portfolio Investment to an Industry Classification Group. To the extent that any Portfolio Investment is not correlated with the risks of other Portfolio Investments in an Industry Classification Group, such Portfolio Investment may be assigned by the Borrower to an Industry Classification Group that is more closely correlated to such Portfolio Investment. In the absence of any correlation, the Borrower shall be permitted, upon prior notice to the Administrative Agent and each Lender, to create up to three additional industry classification groups for purposes of this Agreement.

  • Repair and classification Each Borrower shall keep the Ship owned by it in a good and safe condition and state of repair:

  • Reclassification, etc If the Borrower at any time shall, by reclassification or otherwise, change the Common Stock into the same or a different number of securities of any class or classes, this Note, as to the unpaid principal portion thereof and accrued interest thereon, shall thereafter be deemed to evidence the right to purchase an adjusted number of such securities and kind of securities as would have been issuable as the result of such change with respect to the Common Stock immediately prior to such reclassification or other change.

  • Establishment of Series and Classes of Shares Subject to the provisions of this Section 3.6, the Trust shall consist of the Series and Classes indicated on Schedule A attached hereto (“Schedule A”), as such Schedule A may be amended from time to time. The Series and Classes indicated on Schedule A as of the date hereof are hereby established and are referred to as the “Initial Series and Classes.” The establishment of any Series or Class of Shares (other than the Initial Series and Classes) shall be effective upon the adoption by the Trustees of a resolution that sets forth the designation of, or otherwise identifies, such Series or Class, whether directly in such resolution or by reference to, or approval of, another document that sets forth the designation of, or otherwise identifies, such Series or Class including any Registration Statement, any amendment and/or restatement of this Declaration of Trust and/or Schedule A or as otherwise provided in such resolution. Upon the establishment of any Series or Class of Shares or the termination of any existing Series or Class of Shares, Schedule A shall be amended to reflect the addition or termination of such Series or Class and any officer of the Trust is hereby authorized to make such amendment; provided that the amendment of Schedule A shall not be a condition precedent to the establishment or termination of any Series or Class in accordance with this Declaration of Trust. The relative rights and preferences of each Series and each Class (including the Initial Series and Classes) shall be as set forth herein and as set forth in any Registration Statement relating thereto, unless (with respect to any Series or Class other than the Initial Series and Classes) otherwise provided in the resolution establishing such Series or Class. Any action that may be taken by the Trustees with respect to any Series or Class, including any addition, modification, division, combination, classification, reclassification, change of name or termination may be made in the same manner as the establishment of such Series or Class. Unless otherwise provided in any Registration Statement relating thereto, Shares of the Initial Series and Classes and each additional Series or Class established pursuant to this Article III (unless otherwise provided in the resolution establishing such additional Series or Class), shall have the following relative rights and preferences:

  • Statements of Reconciliation after Change in Accounting Principles If, as a result of any change in accounting principles and policies from those used in the preparation of the Historical Financial Statements, the consolidated financial statements of Holdings and its Subsidiaries delivered pursuant to Section 5.1(b) or 5.1(c) will differ in any material respect from the consolidated financial statements that would have been delivered pursuant to such subdivisions had no such change in accounting principles and policies been made, then, together with the first delivery of such financial statements after such change, one or more statements of reconciliation for all such prior financial statements in form and substance satisfactory to Administrative Agent;

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