Notice of IRS Reports. (i) Assignor shall promptly notify Assignee of receipt from the IRS of any written proposed or final revenue agent's report, 30-day letter or notice of deficiency in which an adjustment is proposed to the federal income taxes of Assignor for which any of the Lessees would be required to indemnify Assignor under any Operative Agreement and, thereafter, shall upon request keep Assignee apprised at least monthly of the progress of any protest or proceeding in respect of such adjustment.
Appears in 6 contracts
Samples: Purchase, Assignment and Assumption Agreement (Polaris Aircraft Income Fund Vi), Purchase, Assignment and Assumption Agreement (Polaris Aircraft Income Fund Vi), Purchase, Assignment and Assumption Agreement (Polaris Aircraft Income Fund Iii)
Notice of IRS Reports. (i) Assignor shall promptly notify Assignee of receipt from the IRS of any written proposed or final revenue agent's report, 30-day letter or notice of deficiency in which an adjustment is proposed to the federal income taxes of Assignor for which any of the Lessees would be required to indemnify Assignor under any Operative Agreement or any of the Receivable Agreements and, thereafter, shall upon request keep Assignee apprised at least monthly of the progress of any protest or proceeding in respect of such adjustment.
Appears in 4 contracts
Samples: Participation Agreement (Polaris Aircraft Income Fund Ii), Assignment and Assumption Agreement (Polaris Aircraft Income Fund Ii), Assignment Agreement (Polaris Aircraft Income Fund V)
