Common use of INTERNAL REVENUE CODE ELECTION Clause in Contracts

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement and the operations under it are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under it. Operator is authorized and directed to execute on behalf of each affected party evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by any requirement that each affected party give further evidence of this election, each party shall execute the documents and furnish the other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party shall give any notices or take any other action inconsistent with this election. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party shall make that election as may be permitted or required by those laws. In making the foregoing election, each party states that the income derived by the party from operations under this Agreement can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded from the application of all of the provisions provision of Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute executed on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required required, by Treasury Regulations §Federal Regulation 1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the each documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws law of the state or states in which the Contract Area is located or of any future further income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” ”, of the Codeinternal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations Regulation §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis Agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the Parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each Party hereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator Chesapeake is authorized and directed to execute on behalf of each Party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each Party hereby affected party give further evidence of this election, each party such Party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party such Party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Program Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the CodeInternal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each Party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each party such Party states that the income derived by the party such Party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income. The Operator shall promptly provide each Party true and correct copies of any and all returns, statements, and the data required by Federal Regulation 1.761, or otherwise filed with the Internal Revenue Service.

INTERNAL REVENUE CODE ELECTION. If, for federal Federal income tax purposes, this Agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other an agreement between among them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” ”, Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, 1986 as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” ”, Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, permitted each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income. Operator may settle any single uninsured third party damage claim or suit arising from operations hereunder if the expenditure does not exceed TEN THOUSAND Dollars ($10,000) and if the payment is in complete settlement of such claim or suit. If the amount required for settlement exceeds the above amount, the parties hereto shall assume and take over the further handling of the claim or suit, unless such authority is delegated to Operator. All costs and expenses of handling, settling, or otherwise discharging such claim or suit shall be at the joint expense of the parties participating in the operation from which the claim or suit arises. If a claim is made against any party or if any party is sued on account of any matter arising from operations hereunder over which such individual has no control because of the rights given Operator by this Agreement, such party shall immediately notify all other parties, and the claim or suite shall be treated as any other claim or suit involving operations hereunder.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement and the operations under it are regarded as a partnership, and if the parties Parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each affected party Party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (the “Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under it. Operator is authorized and directed to execute on behalf of each affected party Party the evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by any requirement that each affected party Party give further evidence of this election, each party Party shall execute the documents and furnish the any other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party Party shall give any notices or take any other action inconsistent with this election. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party Party shall make that this election as may be permitted or required by those laws. In making the foregoing this election, each party Party states that the income derived by the party Party from operations under this Agreement can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis agreement is not intended to create, and shall not be constructed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement agreement and the operations under it operation hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded exclude from the application of all of the provisions of Subchapter “K,” sub Chapter "D", Chapter 1. Subtitle "A", Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”)1954, as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthere-under. Contract Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury Treasure of the United States or of the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Sub Chapter "D", Chapter 1, Subtitle “"A,” " of the CodeInternal Revenue Code of 1954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “"G” " or other agreement between them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Internal Revenue Code of 1986, as amended (“"Code”"), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §Regulation section 1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the Internal Revenue Code of 1986, as amended (“Code”)amended, as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the CodeInternal Revenue Code of 1986, as amended, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties Parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “"G” " or other agreement between them, each Party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the Internal Revenue Code of 1986, as amended (“"Code”"), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each Party hereby affected party such evidence of this election as may be required by the Secretary Secretary' of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations Regulation §1.761. Should there by be any requirement that each Party hereby affected party give further evidence of this election, each party such Party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party such Party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each Party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each party such Party states that the income derived by the party such Party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If9.1 This Operating Agreement is not intended to create, nor shall it be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this Operating Agreement and operations hereunder shall not constitute a partnership, if, for federal Federal income tax purposes, this Operating Agreement and and/or the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each affected party hereto hereby elects to be excluded from the application of all of the provisions of Subchapter “"K,” " of Chapter 1, Subtitle “"A,” " of the Internal Revenue Code of 1986, as amended (“Code”), 1954 as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is hereby authorized and directed to execute on behalf of each affected party CIG such evidence of this election election, as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specificallyspecifically including, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No Neither party shall give any notices or take any other action inconsistent with this election. the election made hereby. 9.2 If any present or future income tax laws of the state or states in which the Contract Area is located State of Texas or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” ", Chapter 1, Subtitle “"A,” " of the CodeInternal Revenue Code of 1954, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party hereto shall make that such election as may be permitted or required by those such laws. . 9.3 In making the foregoing election, each party hereby states and agrees that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “"G” " or other agreement between them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Internal Revenue Code of 1986, as amended (“"Code”"), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §Regulation Section 1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis Agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the Internal Revenue Code of 1986, as amended (“Code”)1954, as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” ”, Chapter 1, . Subtitle “A,” ”, of the CodeInternal Revenue Code of 1954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “"G” " or other agreement between them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Internal Revenue Code of 1986, as amended (“"Code”"), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations Regulation §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” " Chapter 1, Subtitle “"A,” " of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement and the operations under it hereunder are regarded as a partnership, and if the parties Parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each Party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under ithereunder. Operator Manager is authorized and directed to execute on behalf of each Party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations Regulation §1.761. Should there by be any requirement that each Party hereby affected party give further evidence of this election, election each party such Party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party such Party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area Facility is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each Party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each party such Party states that the income derived by the party such Party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis Agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties to this Agreement. Notwithstanding any provision of this Agreement that the rights and liabilities are several and not joint or collective, or that this Agreement and operations shall not constitute a partnership, if, for federal income tax purposes, this Agreement and the operations under it are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”)1954, as permitted and authorized by Section 761 of the Code and the regulations promulgated under it. Operator is authorized and directed to execute on behalf of each affected party party, evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Federal Regulations §1.761. Should there by be any requirement that each affected party give further evidence of this election, each party shall execute the documents and furnish the any other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No party shall give any notices or take any other action inconsistent consistent with the election made in this electionArticle. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A,” of the CodeInternal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party shall make that an election as may be permitted or required by those laws. In making the foregoing election, each party states that the income derived by the party from operations under this Agreement can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the Internal Revenue Code of 1986, as amended (“Code”), the"Code") as permitted and authorized by Code Section 761 of the Code and the regulations promulgated under itthereunder. Operator PDC is authorized and directed to execute on behalf of each affected party the Partnership such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by be any requirement that each party hereby affected party to give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” ", Chapter 1l, Subtitle “"A,” ", of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. If, for federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party thereby affected party elects to be excluded from the application of all of the provisions of Subchapter “K,” ”, Chapter 1, Subtitle “A,” of the Internal Revenue Code of 1986, as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder. Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “K,” ”, Chapter 1, Subtitle “A,” ”, of the Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. IfThis agreement is not intended to create, and shall not be construed to create, a relationship of partnership or an association for profit between or among the parties hereto. Notwithstanding any provisions herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement and operations hereunder shall not constitute a partnership, if, for federal Federal income tax purposes, this Agreement agreement and the operations under it hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to Exhibit “G” or other agreement between them, each party hereby affected party elects to be excluded from the application of all of the provisions of Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the Internal Revenue Code of 1986, as amended (“Code”), 1954 as permitted and authorized by Section 761 of the Code and the regulations promulgated under itthereunder (all as may also be amended or replaced). Operator is authorized and directed to execute on behalf of each party hereby affected party such evidence of this election as may be required by the Secretary of the Treasury of the United States or of the Federal Internal Revenue Service, including specifically, but not by way of limitation, all of the returns, statements, and the data required by Treasury Regulations §1.761Federal Regulations. Should there by be any requirement that each party hereby affected party give further evidence of this election, each such party shall execute the such documents and furnish the such other evidence as may be required by the Federal Internal Revenue Service or as may be necessary to evidence this election. No such party shall give any notices or take any other action inconsistent with this electionthe election made hereby. If any present or future income tax laws of the state or states in which the Contract Area is located or any future income tax laws of the United States contain provisions similar to those in Subchapter “"K,” ", Chapter 1, Subtitle “"A,” ", of the CodeInternal Revenue Code of 1954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected party shall make that such election as may be permitted or required by those such laws. In making the foregoing election, each such party states that the income derived by the such party from operations under this Agreement Operations hereunder can be adequately determined without the computation of partnership taxable income.