Common use of Company Classification Clause in Contracts

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.

Company Classification. The Members intend that the Company always be treated operated in a manner consistent with its treatment 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 Title 11 of the Federal Bankruptcy CodeUnited States Code (relating to bankruptcy). Neither the Managers nor the Members may take any action inconsistent with the foregoing express intent of the Partiesparties hereto. The Company is not a “partnership” for purposes of any state law partnership act or limited partnership act, act and the Members are not partners for the purpose purposes of such acts.