Common use of Required Elections Clause in Contracts

Required Elections. In the event that the Borrower is classified as a partnership for federal income tax purposes, or any taxable years for which Sections 6221 through 6241 of the Code apply to the Borrower, the partnership representative shall, to the extent eligible, make the election under Section 6221(b) of the Code with respect to the Borrower and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the partnership representative shall make the election under Section 6226(a) of the Code with respect to the Borrower and take any other action such as filings, disclosures and notifications necessary to effectuate such election.

Required Elections. In the event that the Borrower is classified as a partnership for federal income tax purposes, or any taxable years for which Sections 6221 6621 through 6241 6641 of the Code apply to the Borrower, the partnership representative shall, to the extent eligible, make the election under Section 6221(b6621(b) of the Code with respect to the Borrower and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the partnership representative shall make the election under Section 6226(a6626(a) of the Code with respect to the Borrower and take any other action such as filings, disclosures and notifications necessary to effectuate such election.

Required Elections. In the event that the either Borrower is classified as a partnership for federal income tax purposes, or any taxable years for which Sections 6221 6621 through 6241 6641 of the Code apply to the either Borrower, the partnership representative shall, to the extent eligible, make the election under Section 6221(b6621(b) of the Code with respect to the such Borrower and take any other action such as disclosures and notifications necessary to effectuate such election. If the election described in the preceding sentence is not available, to the extent applicable, the partnership representative shall make the election under Section 6226(a6626(a) of the Code with respect to the such Borrower and take any other action such as filings, disclosures and notifications necessary to effectuate such election.