Common use of Election Out of Partnership Audit Procedures Clause in Contracts

Election Out of Partnership Audit Procedures. So long as the Company satisfies the provisions of Sections 6221(b)(1)(B) through (D), the Partnership Representative, with the approval of the Board of Managers, may cause the Company to make the election set forth in Section 6221(b)(1) of the Code so that the Partnership Tax Audit Rules shall not apply to the Company. If such election is made, the Partnership Representative shall provide the proper notice to each Member in accordance with Section 6221(b)(1)(E).

Election Out of Partnership Audit Procedures. So long as the Company satisfies the provisions of Sections 6221(b)(1)(B) through (D), the Partnership Representative, with the approval of the Board of ManagersEncore, may cause the Company to make the election set forth in Section 6221(b)(1) of the Code so that the Partnership Tax Audit Rules provisions of Subchapter C of Chapter 63 of the Code shall not apply to the Company. If such election is made, made the Partnership Representative shall provide the proper notice to each Member in accordance with Section 6221(b)(1)(E).