Tax Partnership. This Agreement and Attachment A attached hereto are not intended and shall not be construed to create a joint venture, mining or other partnership (general, limited, or otherwise) or association or to render the parties hereto liable as partners. The parties expressly agree that no party hereto shall be responsible for the obligations of the other parties, each party being severally responsible only for its obligations arising hereunder and liable only for its allocable share of the costs and expenses incurred hereunder. Each of the Participants hereby agrees that this Agreement creates a partnership for federal and state income tax purposes only, which tax partnership shall function and exist as set forth in Attachment A attached hereto.
Appears in 6 contracts
Samples: Drilling Program Agreement (Mewbourne Energy Partners 10-A, L.P.), Drilling Program Agreement (Tri Valley Corp), Drilling Program Agreement (Mewbourne Energy Partners 09-A, L.P.)
