Common use of Tax Shelter Regulations Clause in Contracts

Tax Shelter Regulations. The Borrower does not intend to treat the Loans and related transactions hereunder and under the other Loan Documents as a “reportable transaction” (within the meanings under current Treasury Regulation Section 1.6011-4 and Proposed Treasury Regulation Section 1.6011-4, promulgated on November 1, 2006). In the event the Borrower determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent thereof. If the Borrower so notifies the Agent, the Borrower acknowledges that one or more of the Lenders may treat its Loans and related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 or Proposed Treasury Regulation Section 301.6112-1, promulgated on November 1, 2006, and, in such case, such Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.

Appears in 4 contracts

Samples: Credit Agreement (Contango Oil & Gas Co), Credit Agreement (Primeenergy Corp), Credit Agreement (Gastar Exploration LTD)

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Tax Shelter Regulations. The Borrower does not intend to treat the Loans and related transactions hereunder and under the other Loan Documents as a “reportable transaction” (within the meanings under current Treasury Regulation Section 1.6011-4 and Proposed Treasury Regulation Section 1.6011-4, promulgated on November 1, 2006). In the event the Borrower determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent Lender thereof. If the Borrower so notifies the AgentLender, the Borrower acknowledges that one or more of the Lenders Lender may treat its the Loans and related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 or Proposed Treasury Regulation Section 301.6112-1, promulgated on November 1, 2006, and, in such case, such the Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.

Appears in 3 contracts

Samples: Credit Agreement (Evolution Petroleum Corp), Credit Agreement (Cross Border Resources, Inc.), Credit Agreement (Royale Energy Inc)

Tax Shelter Regulations. The Borrower does not intend None of the Borrowers intends to treat the Loans Loan and related transactions hereunder and under the other Loan Documents as a “reportable transaction” (within the meanings under current Treasury Regulation Section 1.6011-4 and Proposed Treasury Regulation Section 1.6011-4, promulgated on November 1, 2006). In the event any of the Borrower Borrowers determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent thereof. If any of the Borrower Borrowers so notifies the Agent, each of the Borrower acknowledges Borrowers acknowledge that one or more of the Lenders may treat its Loans Percentage Share of the Loan and the related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 or Proposed Treasury Regulation Section 301.6112-1, promulgated on November 1, 2006, and, in such case, such Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.

Appears in 2 contracts

Samples: Term Loan Agreement (Royale Energy Holdings, Inc.), Term Loan Agreement (Royale Energy Holdings, Inc.)

Tax Shelter Regulations. The Borrower does not intend to treat the Loans and related transactions hereunder and under the other Loan Documents as a "reportable transaction" (within the meanings under current Treasury Regulation Section 1.6011-4 and Proposed Treasury Regulation Section 1.6011-4, promulgated on November 1, 2006). In the event the Borrower determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent thereof. If the Borrower so notifies the Agent, the Borrower acknowledges that one or more of the Lenders may treat its Loans and related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 or Proposed Treasury Regulation Section 301.6112-1, promulgated on November 1, 2006, and, in such case, such Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.. (SIGNATURES APPEAR ON FOLLOWING PAGES)

Appears in 1 contract

Samples: Credit Agreement (High Plains Gas, Inc.)

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Tax Shelter Regulations. The Borrower does not None of the Borrowers intend to treat the Loans Term Loan and related transactions hereunder and under the other Loan Documents as a “reportable transaction” (within the meanings under current Treasury Regulation Section 1.6011-4 1.6011‑4 and Proposed Treasury Regulation Section 1.6011-4, promulgated on November 1, 2006). In the event the Borrower Borrowers determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent thereof. If the Borrower Borrowers so notifies the Agent, the Borrower acknowledges Borrowers acknowledge that one or more of the Lenders may treat its Loans Percentage Share of the Term Loan and the related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 or Proposed Treasury Regulation Section 301.6112-1, promulgated on November 1, 2006, and, in such case, such Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.

Appears in 1 contract

Samples: Term Loan Agreement (Viking Energy Group, Inc.)

Tax Shelter Regulations. The Borrower does not intend to treat the Loans and related transactions hereunder and under the other Loan Documents as a “reportable transaction” (within the meanings under current Treasury Regulation Section 1.6011-4 1.6011 -4 and Proposed Treasury Regulation Section 1.6011-41.6011 -4, promulgated on November 1, 2006). In the event the Borrower determines to take any action inconsistent with the foregoing statement, it will promptly notify the Agent thereof. If the Borrower so notifies the Agent, the Borrower acknowledges that one or more of the Lenders may treat its Loans and related transactions hereunder and under the other Loan Documents as part of a transaction that is subject to current Treasury Regulation Section 301.6112-1 301.6112 -1 or Proposed Treasury Regulation Section 301.6112-1301.6112 -1, promulgated on November 1, 2006, and, in such case, such Lender or Lenders, as applicable, will maintain the lists and other records required, if any, by such Treasury Regulations.. (Signatures appear on following pages)

Appears in 1 contract

Samples: Credit Agreement (Lucas Energy, Inc.)

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