Common use of Tax Characterization and Returns Clause in Contracts

Tax Characterization and Returns. (a) The Member acknowledges that at all times that two or more persons or entities hold Interests in the Company for federal income tax purposes (i) it is the intention of the Company to be treated as a “partnership” for federal and all relevant state tax purposes and (ii) the Company will be treated as a “partnership” for federal and all relevant state tax purposes and shall make all available elections to be so treated. Until such time, however, it is the intention of the Member that the Company be disregarded for federal and all relevant state tax purposes and that the activities of the Company be deemed to be activities of the Member for such purposes. All provisions of the Company’s Certificate of Formation and this Agreement are to be construed so as to preserve that tax status under those circumstances.

Tax Characterization and Returns. (a) The Member acknowledges that at all times that two or more persons or entities hold Interests equity interests in the Company for federal income tax purposes purposes: (i) it is the intention of the Company to be treated as a “"partnership” " for federal and all relevant state tax purposes purposes; and (ii) the Company will be treated as a “"partnership” " for federal and all relevant state tax purposes and shall make all available elections to be so treated. Until such time, however, it is the intention of the Member that the Company be disregarded for federal and all relevant state tax purposes and that the activities of the Company be deemed to be activities of the Member for such purposes. All provisions of the Company’s Certificate 's certificate of Formation formation and this Agreement are to be construed so as to preserve that tax status under those circumstances.

Tax Characterization and Returns. (a) The Member acknowledges that at all times that if and when two or more persons Persons or entities hold Interests equity interests in the Company for federal income tax purposes (i) it is the intention of the Company to be treated as a “partnership” for federal and all relevant state tax purposes and (ii) the Company will be treated as a “partnership” for federal and all relevant state tax purposes and shall make all available elections to be so treated. Until such time, however, it is the intention of the Member that the Company be disregarded for federal and all relevant state tax purposes and that the activities of the Company be deemed to be activities of the Member for such purposes. All provisions of the Company’s Certificate Articles of Formation Organization and this Agreement are to be construed so as to preserve that tax status under those certain circumstances.