Common use of Partnership Tax and Information Returns Clause in Contracts

Partnership Tax and Information Returns. (a) The Partnership shall timely file all returns of the Partnership that are required for federal, state and local income tax purposes on the basis of the accrual method and its fiscal year. The Officers of the Partnership shall use reasonable efforts to furnish to all Partners necessary tax information as promptly as possible after the end of the fiscal year of the Partnership; provided, however, that delivery of such tax information will be subject to delay in the event of, among other reasons, the late receipt of any necessary tax information from an entity in which the Partnership has made an investment. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting for federal income tax purposes. (b) The Partnership shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder. (c) Except as otherwise provided herein, the General Partner shall determine whether the Partnership should make any other elections permitted by the Code. (d) The General Partner shall designate one Partner as the Tax Matters Partner (as defined in the Code). The initial Tax Matters Partner shall be FIG Corp., a Delaware corporation. The Tax Matters Partner is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters Partner to conduct such proceedings. (e) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that may be required to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner (including, without limitation, by reason of Section 1446 of the Code), the General Partner may treat the amount withheld as a distribution of cash pursuant to Section 7.1 or Article IX in the amount of such withholding from such Partner.

Partnership Tax and Information Returns. (a) The Partnership shall timely file all returns of the Partnership that are required for federal, state and local income tax purposes on the basis of the accrual method and its fiscal year. The Officers of the Partnership shall use reasonable efforts to furnish to all Partners necessary tax information as promptly as possible after the end of the fiscal year of the Partnership; provided, however, that delivery of such tax information will be subject to delay in the event of, among other reasons, the late receipt of any necessary tax information from an entity in which the Partnership has made an investment. The classification, realization and recognition of income, gain, losses and deductions and other items shall be on the accrual method of accounting for federal income tax purposes. (b) The Partnership shall make the election under Section 754 of the Code in accordance with applicable regulations thereunder. (c) Except as otherwise provided herein, the General Partner shall determine whether the Partnership should make any other elections permitted by the Code. (d) The General Partner shall designate one Partner as the Tax Matters Partner (as defined in the Code). The initial Tax Matters Partner shall be FIG Corp.Asset Co. LLC, a Delaware corporationlimited liability company. The Tax Matters Partner is authorized and required to represent the Partnership (at the Partnership’s expense) in connection with all examinations of the Partnership’s affairs by tax authorities, including resulting administrative and judicial proceedings, and to expend Partnership funds for professional services and costs associated therewith. Each Partner agrees to cooperate with the Tax Matters Partner and to do or refrain from doing any or all things reasonably required by the Tax Matters Partner to conduct such proceedings. (e) Notwithstanding any other provision of this Agreement, the General Partner is authorized to take any action that may be required to cause the Partnership to comply with any withholding requirements established under the Code or any other federal, state, local or foreign law including, without limitation, pursuant to Sections 1441, 1442, 1445 and 1446 of the Code. To the extent that the Partnership is required or elects to withhold and pay over to any taxing authority any amount resulting from the allocation or distribution of income to any Partner (including, without limitation, by reason of Section 1446 of the Code), the General Partner may treat the amount withheld as a distribution of cash pursuant to Section 7.1 or Article IX in the amount of such withholding from such Partner.