Common use of Notice of Redemptions Clause in Contracts

Notice of Redemptions. Each Member acknowledges that the Investing Pool may report gain or loss and other tax items, including the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Member’s Investing Pool Interest is a distribution other than in liquidation of the Member’s Investing Pool Interest (a “partial redemption”), unless it notifies the Investing Pool or its agent prior to the receipt of CERFS and cash or Short-Term Securities that such distribution is in liquidation of the Member’s Investing Pool Interest (a “complete redemption”). The Member agrees to notify the Investing Pool or its agent within 5 Business Days of the receipt of CERFS and cash or Short-Term Securities of (i) any gain or loss arising from a redemption of an Investing Pool Interest by the Member in exchange for such property, and (ii) any difference between the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member, and the basis of the distributed property to the Member (such gain or loss or basis difference, “Section 734(b) items”), in a manner sufficient for the Investing Pool to adjust the basis of undistributed property held by the Investing Pool under Section 734(b) of the Code if the Investing Pool makes an election pursuant to Section 754 of the Code. Each Member agrees to determine its basis for tax purposes in any property it receives from the Investing Pool in consideration for a redemption of Shares by reference to the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member by the Investing Pool, subject to adjustment as required under Section 732 or other applicable law.

Notice of Redemptions. Each Member acknowledges that the Investing Pool may report gain or loss and other tax items, including the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Member’s Investing Pool Interest is a distribution other than in liquidation of the Member’s Investing Pool Interest (a “partial redemption”), unless it notifies the Investing Pool or its agent prior to the receipt of CERFS and cash or Short-Term Securities that such distribution is in liquidation of the Member’s Investing Pool Interest (a “complete redemption”). The Member agrees to notify the Investing Pool or its agent within 5 Business Days of the receipt of CERFS and cash or Short-Term Securities of (i) any gain or loss arising from a redemption of an Investing Pool Interest by the Member in exchange for such property, and (ii) any difference between the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member, and the basis of the distributed property to the Member (such gain or loss or basis difference, “Section 734(b) items”), in a manner sufficient for the Investing Pool to adjust the basis of undistributed property held by the Investing Pool under Section 734(b) of the Code if the Investing Pool makes an election pursuant to Section 754 of the Code. Each Member agrees to determine its basis for tax purposes in any property it receives from the Investing Pool in consideration for a redemption of Shares by reference to the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to Table of Contents the Member by the Investing Pool, subject to adjustment as required under Section 732 or other applicable law.

Notice of Redemptions. Each Member acknowledges that the Investing Pool may report gain or loss and other tax items, including the allocation of basis and adjustments to basis, in reliance upon the assumption that any redemption of a Member’s interest in the Investing Pool Interest is a distribution other than in liquidation of the Member’s interest in the Investing Pool Interest (a “partial redemption”), unless it notifies the Investing Pool or its agent prior to the receipt of CERFS and cash or Short-Term Securities that such distribution is in liquidation of the Member’s interest in the Investing Pool Interest (a “complete redemption”). ) The Member agrees to notify the Investing Pool or its agent within 5 Business Days of the receipt of CERFS and cash or Short-Term Securities of (i) any gain or loss arising from a redemption of an interest in the Investing Pool Interest by the Member in exchange for such property, and (ii) any difference between the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member, and the basis of the distributed property to the Member (such gain or loss or basis difference, “Section 734(b) items”), in a manner sufficient for the Investing Pool to adjust the basis of undistributed property held by the Investing Pool under Section 734(b) of the Code if the Investing Pool makes an election pursuant to Section 754 of the Code. Each Member agrees to determine its basis for tax purposes in any property it receives from the Investing Pool in consideration for a redemption of Shares by reference to the tax basis of such property on the books of the Investing Pool immediately prior to the redemption, as such amount is reported to the Member by the Investing Pool, subject to adjustment as required under Section 732 or other applicable law.