Common use of Company Tax Classification Clause in Contracts

Company Tax Classification. It is the intention of the parties hereto that the Company (but not the Series, which are intended to be classified as separate corporations pursuant to Section 7.11) be disregarded as an entity, separate from the Member for federal and all relevant state and local income tax purposes, and the provisions of this Agreement shall be interpreted in a manner consistent with the intention. The Company and the 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 shall be filed with the Internal Revenue Service (or the tax authorities of any State) to have the Company treated as an association taxable as a corporation for income tax purposes without the prior consent of the Manager and the consent of Person who has been a Member in any period to which such classification would apply.