Common use of Partnership Level Assessments Clause in Contracts

Partnership Level Assessments. Provided the election described in Section 5.5(b) above is not in effect, in the case of any adjustment by the IRS in the amount of any item of income, gain, loss, deduction, or credit of the Partnership or any Partner’s distributive share thereof (“IRS Adjustment”), the Partnership Representative shall respond to such IRS Adjustment in accordance with (c)(i) or (c)(ii) below.

Partnership Level Assessments. Provided the election described in Section 5.5(b) above 10.2.2 is not in effect, in the case of any adjustment by the IRS in the amount of any item of income, gain, loss, deduction, or credit of the Partnership Company or any PartnerMember’s distributive share thereof (“IRS Adjustment”), the Partnership Representative Representative, acting at the direction of NBM or the Board of Managers, as applicable, shall respond to such IRS Adjustment in accordance with (c)(ieither 10.2.3(a) or (c)(ii) belowb).

Partnership Level Assessments. Provided the election described in Section 5.5(b) above 10.2.2 is not in effect, in the case of any adjustment by the IRS in the amount of any item of income, gain, loss, deduction, or credit of the Partnership Company or any Partner’s Member's distributive share thereof (“"IRS Adjustment”"), the Partnership Representative Representative, acting at the direction of NBM or the Board of Managers, as applicable, shall respond to such IRS Adjustment in accordance with (c)(ieither 10.2.3(a) or (c)(ii) belowb).

Partnership Level Assessments. Provided the election described in Section 5.5(b8.2(e) above is not in effect, in the case of any adjustment by the IRS in the amount of any item of income, gain, loss, deduction, or credit of the Partnership Company or any PartnerMember’s distributive share thereof (“IRS Adjustment”), the Partnership Representative shall respond to such IRS Adjustment in accordance with either (c)(id)(i) or (c)(ii) belowd)(ii).