Common use of Representative Capacity; Trusts Clause in Contracts

Representative Capacity; Trusts. During any period that any Units are held as assets of a living trust revocable by the trustees of such trust, such Units shall be treated as owned by the deemed owner of such trust for income tax purposes, and any acts of the trustee of said revocable living trust shall be deemed the acts of the deemed owner of such trust for income tax purposes. The death of the deemed owner of a trust holding Units shall be the death of a Member for the purposes of Section 15, and the trustee of such a trust shall be the successor for the purposes of Section 15.

Representative Capacity; Trusts. During any period that any Units are Membership Interest is held as assets of a living trust revocable by the trustees of such trust, such Units Membership Interest shall be treated as owned by the deemed owner of such trust for income tax purposes, and any acts of the trustee of said revocable living trust shall be deemed the acts of the deemed owner of such trust for income tax purposes. The death of the deemed owner of a trust holding Units a Membership Interest shall be the death of a Member for the purposes of Section 15, and the trustee of such a trust shall be the successor for the purposes of Section 15.

Representative Capacity; Trusts. During any period that any PARTNERSHIP Units are held as assets of a living trust revocable by the trustees of such trust, such PARTNERSHIP Units shall be treated as owned by the deemed owner of such trust for income tax purposes, and any acts of the trustee of said revocable living trust shall be deemed the acts of the deemed owner of such trust for income tax purposes. The death of the deemed owner of a trust holding PARTNERSHIP Units shall be the death of a Member PARTNER for the purposes of Section 15, and the trustee of such a trust shall be the successor for the purposes of Section 15.