Common use of INTERNAL REVENUE CODE ELECTION Clause in Contracts

INTERNAL REVENUE CODE ELECTION. This 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 hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision of Subchapter "K", Chapter 1, Subtitle "A", of the Internal Revenue Code of 1986, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator is authorized and directed to executed on behalf of each party hereby affected 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 Federal Regulation 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each documents and furnish 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 the election made hereby. If any present or future income tax law of the state or states in which the Contract Area is located of any further income tax laws of the United States contain provisions similar to those in Subchapter 1, Subtitle “A”, of the internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Treasury Regulation §1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A”, ,” of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement Agreement and the operations hereunder 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 hereby affected elects to be excluded from the application of all of the provision 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 thereunderunder it. Operator is authorized and directed to executed execute on behalf of each affected party hereby affected 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 Federal Regulation Treasury Regulations §1.761. Should there be by any requirement that each affected party hereby affected give further evidence of this election, each such party shall execute each the documents and furnish such the 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 the election made herebythis election. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A”, ,” of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party hereby affected shall make such that election as may be permitted or required by such those laws. In making the foregoing election, each such party states that the income derived by such the party from operations hereunder under this Agreement can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This agreement 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 Parties hereto. Notwithstanding any provision herein that the rights and liabilities hereunder are several and not joint or collective, or that this agreement Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this agreement Agreement and the operations hereunder are regarded as a partnership, each party Party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "“K"”, Chapter 1, Subtitle "“A"”, of the Internal Revenue Code of 1986, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator Chesapeake is authorized and directed to executed execute on behalf of each party Party hereby affected 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 Federal Regulation Regulations 1.761. Should there be any requirement that each party Party hereby affected give further evidence of this election, each such party Party shall execute each such documents and furnish 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 Party shall give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Program Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A”, of the internal Internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each party Party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party Party states that the income derived by such party Party from operations 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. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 Party thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party Party hereby affected 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, required by Federal Treasury Regulation §1.761. Should there be any requirement that each party Party hereby affected give further evidence of this election, each such party Party shall execute each such documents and furnish 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 Party shall give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter "K", Chapter 1, Subtitle “"A”", of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party Party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party Party states that the income derived by such party Party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This agreement is not intended to create, and shall not be construed 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 and the operations operation hereunder are regarded as a partnership, each party hereby affected elects to be excluded exclude from the application of all of the provision provisions of Subchapter sub Chapter "KD", Chapter 1, . Subtitle "A", of the Internal Revenue Code of 19861954, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunderthere-under. Contract Operator is authorized and directed to executed execute on behalf of each party hereby affected 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, required by Federal Regulation Regulations 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law of the state or states in which the Contract Area is located of any further income tax laws of the United States contain provisions similar to those in Subchapter Sub Chapter "D", Chapter 1, Subtitle “"A”, " of the internal Internal Revenue Code of 19861954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Treasury Regulation section 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter "K," Chapter 1, Subtitle “"A”, ," of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement Agreement and the operations hereunder are regarded as a partnership, and if the Parties have not otherwise agreed to form a tax partnership or other agreement between them, each party hereby Party thereby affected elects to be excluded from the application of all of the provision 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 thereunderhereunder. Operator Manager is authorized and directed to executed execute on behalf of each party Party hereby affected 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 Federal Treasury Regulation §1.761. Should there be any requirement that each party Party hereby affected give further evidence of this election, election each such party Party shall execute each such documents and furnish 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 Party shall give any notices or take any other action inconsistent with the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area Facility is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A”, ,” of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party Party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party Party states that the income derived by such party Party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Treasury Regulation §1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter "K," Chapter 1, Subtitle “"A”, ," of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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 hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "“K"”, Chapter 1, Subtitle "“A"”, of the Internal Revenue Code of 1986, as amended, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Regulation Regulations 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A”, of the internal Internal 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 shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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 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 and the operations hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "K", Chapter 1, Subtitle "A", of the Internal Revenue Code of 1986, 1954 as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunderthereunder (all as may also be amended or replaced). Operator is authorized and directed to executed execute on behalf of each party hereby affected 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, required by Federal Regulation 1.761Regulations. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter "K", Chapter 1, Subtitle “"A”", of the internal Internal Revenue Code of 19861954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations Operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal Federal income tax purposes, this agreement Agreement and the operations hereunder are regarded as a partnership, and if the parties have not otherwise agreed to form a tax partnership pursuant to an agreement among them, each party hereby thereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "“K"”, Chapter 1, Subtitle "“A", ,” of the Internal Revenue Code of 19861986 as amended (“Code”), as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Regulation Treasury Regulations §1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A”, ,” of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, permitted each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income. ARTICLE X CLAIMS AND LAWSUITS 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. This agreement 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 heretoto this Agreement. Notwithstanding any provision herein of this Agreement that the rights and liabilities hereunder are several and not joint or collective, or that this agreement Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this agreement Agreement and the operations hereunder under it are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "“K", ,” Chapter 1, Subtitle "“A", ,” of the Internal Revenue Code of 19861954, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunderunder it. Operator is authorized and directed to executed execute on behalf of each party hereby affected such 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, required by Federal Regulation Regulations §1.761. Should there be any requirement that each affected party hereby affected give further evidence of this election, each such party shall execute each documents and furnish such any 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 consistent with the election made herebyin this Article. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K,” Chapter 1, Subtitle “A”, ,” of the internal Internal Revenue Code of 1986, under which an election similar to that provided by Section 761 of the Code is permitted, each affected party hereby affected shall make such an election as may be permitted or required by such those laws. In making the foregoing election, each such party states that the income derived by such the party from operations hereunder under this Agreement can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This agreement 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 Agreement and operations hereunder shall not constitute a partnership, if, for federal income tax purposes, this agreement Agreement and the operations hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "“K"”, Chapter 1, Subtitle "“A"”, of the Internal Revenue Code of 19861954, as permitted and authorized by Section 761 of the Code and the regulations promulgated thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Regulation Regulations 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, . Subtitle “A”, of the internal Internal Revenue Code of 19861954, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Regulation Treasury Regulations §1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter “K”, Chapter 1, Subtitle “A”, of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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 hereunder are regarded as a partnership, each party hereby affected elects to be excluded from the application of all of the provision provisions of Subchapter "K", Chapter 1, Subtitle "A", of the Internal Revenue Code of 1986, as amended (the"Code") as permitted and authorized by Code Section 761 of the Code and the regulations promulgated thereunder. Operator PDC is authorized and directed to executed execute on behalf of each party hereby affected 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, required by Federal Regulation Regulations 1.761. Should there be any requirement that each party hereby affected to give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter 1"K", Chapter l, Subtitle “"A”", of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.

INTERNAL REVENUE CODE ELECTION. This 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, ifIf, for federal income tax purposes, this agreement and the operations 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 thereby affected elects to be excluded from the application of all of the provision 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 thereunder. Operator is authorized and directed to executed execute on behalf of each party hereby affected 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 Federal Treasury Regulation Section 1.761. Should there be any requirement that each party hereby affected give further evidence of this election, each such party shall execute each such documents and furnish 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 the election made hereby. If any present or future income tax law laws of the state or states in which the Contract Area is located of or any further future income tax laws of the United States contain provisions similar to those in Subchapter "K," Chapter 1, Subtitle “"A”, ," of the internal Revenue Code of 1986Code, under which an election similar to that provided by Section 761 of the Code is permitted, each party hereby affected shall make such election as may be permitted or required by such laws. In making the foregoing election, each such party states that the income derived by such party from operations hereunder can be adequately determined without the computation of partnership taxable income.