Common use of Section 754 Election Clause in Contracts

Section 754 Election. In the event of the transfer of a Member's interest in the Company by sale or exchange, or upon the death of a Member, the Company, if the person acquiring such interest so requests, shall elect pursuant to Code Section 754, to adjust the basis of the Company property. Each Member hereby agrees to provide the Company with all information necessary to give effect to such election. The transferee shall reimburse the Company for any reasonable costs incurred as a result of such election, as determined by the Majority Interest.

Section 754 Election. In the event of a Transfer of all or part of the transfer of a Member's interest in the Company by sale or exchange, or upon the death Interest of a Member, at the Companyrequest of the transferee or if in the best interests of the Company (as determined by the Members as a Major Decision), if the person acquiring such interest so requests, Company shall elect pursuant to Section 754 of the Code Section 754, to adjust the basis of Company Property as provided by Sections 734 and 743 of the Company property. Each Member hereby agrees to provide the Company with all information necessary to give effect to such election. The transferee shall reimburse the Company for Code, and any reasonable costs incurred as a result cost of such election, as determined by election or cost of administering or accounting for such election shall be at the Majority Interestsole cost and expense of the requesting transferee.

Section 754 Election. In the event of the transfer a Transfer of a Member's interest in Membership Interest permitted under this Agreement, the Company by sale or exchangeshall, or upon at the death request of a the transferee Member, file an election under Section 754 of the Company, if the person acquiring such interest so requests, shall elect pursuant to Code Section 754, to adjust the basis of the Company property. Each Member hereby agrees to provide assets of the Company in accordance with all information necessary to give effect to the provisions of Section 743 of the Code. Any costs associated with such election. The transferee election (such as accounting fees) shall reimburse the Company for any reasonable costs incurred as a result of such election, as determined be borne by the Majority Interesttransferee Member.

Section 754 Election. In the event of Upon the transfer of a Member's interest Membership Interests in the Company by sale or exchange, or upon the death of a Member, at the Companyrequest of such transferring Member, if and subject to the person acquiring such interest so requestsapproval by the Managers, shall elect pursuant to Code the Company will make the election provided for in Section 754, to adjust the basis 754 of the Company property. Each Member hereby agrees to provide Code, provided such election is approved by the Company with all information necessary to give effect to such electionManagers. The transferee shall reimburse the Company for any reasonable costs incurred as a result expense of making such election, as determined including the additional accounting expenses, shall be borne by the Majority InterestCompany. Such election shall be filed with the Company tax information return for the first fiscal year in which the election takes effect.

Section 754 Election. In the event of the transfer of a Member's interest in the Company by sale or exchange, or upon the death of a Member, the Company, if the person acquiring such interest so requestsrequests and the Management Committee consents, shall elect pursuant to Code Section 754, to adjust the basis of the Company property. Each Member hereby agrees to provide the Company with all information necessary to give effect to such election. The transferee shall reimburse the Company for any reasonable costs incurred as a result of such election, as determined by the Majority InterestManagement Committee.

Section 754 Election. In the event of the transfer of a Member's interest in the Company by sale or exchange, or upon the death of a Member, the Company, if the person acquiring such interest so requestsrequests and the Members consents (which consent may be withheld for any reason), shall elect pursuant to Code Section 754, to adjust the basis of the Company property. Each Member hereby agrees to provide the Company with all information necessary to give effect to such election. The transferee shall reimburse the Company for any reasonable costs incurred as a result of such election, as determined by the Majority InterestMembers.

Section 754 Election. In the event of the transfer a Transfer of a Member's interest Membership Interest in the Company by sale or exchangepermitted under this Agreement, or upon the death Company shall, at the request of a the Transferring Member, file an election under Section 754 of the Company, if the person acquiring such interest so requests, shall elect pursuant to Code Section 754, to adjust the basis bases of the assets of the Company propertyin accordance with the provisions of Section 743 of the Code. Each Member hereby agrees to provide the Company Any costs associated with all information necessary to give effect to such election. The transferee election (such as accounting fees) shall reimburse the Company for any reasonable costs incurred as a result of such election, as determined be borne by the Majority InterestTransferring Member.