{"component": "clause", "props": {"groups": [{"size": 22, "snippet": "15.4.1 By executing this Agreement, each Partner authorizes and directs the Fund to elect to have the \u201cSafe Harbor\u201d described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the \u201cIRS Notice\u201d) apply to any interest in the Fund transferred to a service provider by the Fund on or after the effective date of such Revenue Procedure in connection with services provided to the Fund. For purposes of making such Safe Harbor election, the General Partner is hereby designated as the \u201cpartner who has responsibility for U.S. federal income tax reporting\u201d by the Fund and, accordingly, execution of such Safe Harbor election by the General Partner constitutes execution of a \u201cSafe Harbor Election\u201d in accordance with Section 3.03(1) of the IRS Notice. The Fund and each Partner hereby agree to comply with all requirements of the Safe Harbor described in the IRS Notice, including the requirement that each Partner shall prepare and file any U.S. federal income tax returns such Partner is required to file reporting the income tax effects of each \u201cSafe Harbor Partnership Interest\u201d issued by the Fund in a manner consistent with the requirements of the IRS Notice. A Partner\u2019s obligations to comply with the requirements of this Section 15.4 (Code Section 83 Safe Harbor Election) shall survive such Partner\u2019s ceasing to be a Partner of the Fund and the termination, dissolution, liquidation and winding up of the Fund, and, for purposes of this Section 15.4 (Code Section 83 Safe Harbor Election), the Fund shall be treated as continuing in existence.\n15.4.2 Each Partner authorizes the General Partner to amend this Section 15.4 (Code Section 83 Safe Harbor Election) to the extent necessary to achieve similar tax treatment with respect to any interest in the Fund transferred to a service provider by the Fund in connection with services provided to the Fund as set forth in Section 4 of the IRS Notice (e.g., to reflect changes from the rules set forth in the IRS Notice in subsequent U.S. Department of Treasury or Internal Revenue Service guidance).", "snippet_links": [{"key": "executing-this-agreement", "type": "clause", "offset": [10, 34]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [49, 71]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [133, 159]}, {"key": "service-notice", "type": "definition", "offset": [190, 204]}, {"key": "irs-notice", "type": "definition", "offset": [219, 229]}, {"key": "a-service-provider", "type": "definition", "offset": [281, 299]}, {"key": "by-the-fund", "type": "clause", "offset": [300, 311]}, {"key": "date-of", "type": "clause", "offset": [338, 345]}, {"key": "in-connection-with", "type": "clause", "offset": [369, 387]}, {"key": "services-provided-to-the-fund", "type": "clause", "offset": [388, 417]}, {"key": "for-us", "type": "clause", "offset": [549, 556]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [558, 586]}, {"key": "by-the-general-partner", "type": "clause", "offset": [657, 679]}, {"key": "in-accordance-with", "type": "clause", "offset": [730, 748]}, {"key": "agree-to", "type": "clause", "offset": [817, 825]}, {"key": "the-safe-harbor", "type": "clause", "offset": [858, 873]}, {"key": "federal-income-tax-returns", "type": "definition", "offset": [979, 1005]}, {"key": "to-file", "type": "definition", "offset": [1031, 1038]}, {"key": "tax-effects", "type": "clause", "offset": [1060, 1071]}, {"key": "safe-harbor-partnership-interest", "type": "definition", "offset": [1081, 1113]}, {"key": "issued-by", "type": "clause", "offset": [1115, 1124]}, {"key": "the-requirements", "type": "clause", "offset": [1162, 1178]}, {"key": "comply-with-the", "type": "clause", "offset": [1225, 1240]}, {"key": "section-154", "type": "clause", "offset": [1262, 1274]}, {"key": "ceasing-to-be-a", "type": "clause", "offset": [1343, 1358]}, {"key": "the-termination", "type": "clause", "offset": [1383, 1398]}, {"key": "liquidation-and-winding-up", "type": "clause", "offset": [1413, 1439]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [1458, 1486]}, {"key": "in-existence", "type": "definition", "offset": [1572, 1584]}, {"key": "to-amend", "type": "definition", "offset": [1637, 1645]}, {"key": "to-the-extent", "type": "clause", "offset": [1703, 1716]}, {"key": "tax-treatment", "type": "definition", "offset": [1746, 1759]}, {"key": "with-respect-to", "type": "clause", "offset": [1760, 1775]}, {"key": "in-section-4", "type": "clause", "offset": [1909, 1921]}, {"key": "the-rules", "type": "clause", "offset": [1971, 1980]}, {"key": "department-of-treasury", "type": "definition", "offset": [2028, 2050]}], "samples": [{"hash": "lmHvYbRfV3T", "uri": "/contracts/lmHvYbRfV3T#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement", "score": 31.5498142242, "published": true}, {"hash": "6RKdU7V1hid", "uri": "/contracts/6RKdU7V1hid#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement", "score": 31.5169658661, "published": true}, {"hash": "fNhkqbuxwDn", "uri": "/contracts/fNhkqbuxwDn#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement", "score": 31.4981231689, "published": true}], "hash": "f3940295abc2aa28bce6792df2b49ec9", "id": 1}, {"size": 9, "snippet": "By executing this Agreement, each Partner authorizes and directs the Partnership to elect to have the \u201cSafe Harbor\u201d described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the \u201cNotice\u201d) apply to any LTIP Units and any other interest in the Partnership transferred to a service provider by the Partnership on or after the effective date of such Revenue Procedure in connection with services provided to the Partnership. For purposes of making such Safe Harbor election, the tax matters partner is hereby designated as the \u201cpartner who has responsibility for federal income tax reporting\u201d by the Partnership and, accordingly, execution of such Safe Harbor election by the tax matters partner constitutes execution of a \u201cSafe Harbor Election\u201d in accordance with Section 3.03(1) of the Notice. The Partnership and each Partner hereby agree to comply with all requirements of the Safe Harbor described in the Notice, including the requirement that each Partner shall prepare and file all U.S. federal income tax returns reporting the income tax effects of each \u201cSafe Harbor Partnership Interest\u201d (as described in Section 3.02 of the Notice) issued by the Partnership in a manner consistent with the requirements of the Notice. Each Partner authorizes the tax matters partner to amend this Section 10.6 to the extent necessary to achieve substantially the same tax treatment with respect to any interest in the Partnership transferred to a service provider by the Partnership in connection with services provided to the Partnership as set forth in Section 4 of the Notice (e.g., to reflect changes from the rules set forth in the Notice in subsequent IRS guidance), provided, that such amendment is not materially adverse to any Partner (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all interests in the Partnership transferred to a service provider by the Partnership in connection with services provided to the Partnership).", "snippet_links": [{"key": "executing-this-agreement", "type": "clause", "offset": [3, 27]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [42, 64]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [133, 159]}, {"key": "service-notice", "type": "definition", "offset": [190, 204]}, {"key": "ltip-units", "type": "definition", "offset": [241, 251]}, {"key": "other-interest", "type": "definition", "offset": [260, 274]}, {"key": "a-service-provider", "type": "definition", "offset": [309, 327]}, {"key": "by-the-partnership", "type": "clause", "offset": [328, 346]}, {"key": "date-of", "type": "clause", "offset": [373, 380]}, {"key": "in-connection-with", "type": "clause", "offset": [404, 422]}, {"key": "services-provided", "type": "clause", "offset": [423, 440]}, {"key": "to-the-partnership", "type": "clause", "offset": [441, 459]}, {"key": "for-purposes-of", "type": "clause", "offset": [461, 476]}, {"key": "safe-harbor-election", "type": "definition", "offset": [489, 509]}, {"key": "tax-matters-partner", "type": "clause", "offset": [515, 534]}, {"key": "responsibility-for", "type": "clause", "offset": [580, 598]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [599, 627]}, {"key": "in-accordance-with", "type": "clause", "offset": [782, 800]}, {"key": "the-notice", "type": "clause", "offset": [820, 830]}, {"key": "agree-to", "type": "clause", "offset": [872, 880]}, {"key": "comply-with", "type": "definition", "offset": [881, 892]}, {"key": "the-safe-harbor", "type": "clause", "offset": [913, 928]}, {"key": "federal-income-tax-returns", "type": "definition", "offset": [1030, 1056]}, {"key": "tax-effects", "type": "clause", "offset": [1078, 1089]}, {"key": "safe-harbor-partnership-interest", "type": "definition", "offset": [1099, 1131]}, {"key": "issued-by", "type": "clause", "offset": [1178, 1187]}, {"key": "the-requirements", "type": "clause", "offset": [1232, 1248]}, {"key": "to-amend", "type": "definition", "offset": [1312, 1320]}, {"key": "to-the-extent", "type": "clause", "offset": [1339, 1352]}, {"key": "tax-treatment", "type": "definition", "offset": [1397, 1410]}, {"key": "with-respect-to", "type": "clause", "offset": [1411, 1426]}, {"key": "in-section-4", "type": "clause", "offset": [1581, 1593]}, {"key": "the-rules", "type": "clause", "offset": [1639, 1648]}, {"key": "irs-guidance", "type": "definition", "offset": [1687, 1699]}, {"key": "materially-adverse", "type": "definition", "offset": [1739, 1757]}, {"key": "tax-consequences", "type": "clause", "offset": [1801, 1817]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [1839, 1860]}, {"key": "interests-in-the-partnership", "type": "clause", "offset": [1883, 1911]}], "samples": [{"hash": "7CdeYY62F8A", "uri": "/contracts/7CdeYY62F8A#code-section-83-safe-harbor-election", "label": "Agreement of Limited Partnership (InfraREIT, Inc.)", "score": 26.1854896545, "published": true}, {"hash": "wTTbfGVwZ2", "uri": "/contracts/wTTbfGVwZ2#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement (InfraREIT, Inc.)", "score": 26.0924034119, "published": true}, {"hash": "OILslpR5Kd", "uri": "/contracts/OILslpR5Kd#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement (InfraREIT, Inc.)", "score": 26.0513343811, "published": true}], "hash": "e692a756ceae5c614c4ce1d9e8c80f34", "id": 2}, {"size": 4, "snippet": "The Board of Managers is hereby authorized and directed to cause the LLC to make an election to value any LLC Interest issued as compensation for services to the LLC or any affiliate of the LLC (a \u201cCompensatory Interest\u201d) at liquidation value (the \u201cSafe Harbor Election\u201d), as the same may be permitted pursuant to or in accordance with the finally promulgated successor rules to Proposed Treasury Regulations Section 1.83-3(l) and IRS Notice 2005-43 (collectively, the \u201cProposed Rules\u201d). Notwithstanding any provision of this Agreement, the Board of Managers shall cause the LLC to make any allocations of items of income, gain, deduction, loss or credit (including forfeiture allocations and elections as to allocation periods) necessary or appropriate to effectuate and maintain the Safe Harbor Election. Any such Safe Harbor Election shall be binding on the LLC and on all of its Members with respect to all Transfers of Compensatory Interests while a Safe Harbor Election is in effect. A Safe Harbor Election once made may be revoked by the Board of Managers and as permitted by the Proposed Rules or any applicable rule. Each Member, by signing this Agreement or by accepting such Transfer, hereby agrees to comply with all requirements of the Safe Harbor Election with respect to all Compensatory Interests while the Safe Harbor Election remains effective. The Board of Managers shall file or cause the LLC to file all returns, reports and other documentation as may be required to perfect and maintain the Safe Harbor Election with respect to Transfers of any Compensatory Interest. The Board of Managers is hereby authorized and empowered, without further vote or action of the Members, to amend this Agreement as necessary to comply with the Proposed Rules or any applicable rule, in order to provide for a Safe Harbor Election and the ability to maintain or revoke the same, and shall have the authority to execute any such amendment by and on behalf of each Member. Any undertakings by the Members necessary to enable or preserve a Safe Harbor Election may be reflected in such amendments and to the extent so reflected shall be binding on each Member, respectively. Each Member agrees to cooperate with the Board of Managers to perfect and maintain any Safe Harbor Election, and to timely execute and deliver any documentation with respect thereto reasonably requested by the Board of Managers. No Transfer of any LLC Interest shall be effective unless prior to such Transfer the transferee of such LLC Interest shall have agreed in writing to be bound by the provisions of this Section 16, in form and substance satisfactory to the Board of Managers.", "snippet_links": [{"key": "the-board-of-managers", "type": "clause", "offset": [0, 21]}, {"key": "directed-to", "type": "definition", "offset": [47, 58]}, {"key": "the-llc", "type": "clause", "offset": [65, 72]}, {"key": "an-election", "type": "clause", "offset": [81, 92]}, {"key": "to-value", "type": "definition", "offset": [93, 101]}, {"key": "llc-interest", "type": "clause", "offset": [106, 118]}, {"key": "services-to-the", "type": "clause", "offset": [146, 161]}, {"key": "affiliate-of", "type": "definition", "offset": [173, 185]}, {"key": "liquidation-value", "type": "definition", "offset": [225, 242]}, {"key": "safe-harbor-election", "type": "definition", "offset": [249, 269]}, {"key": "pursuant-to", "type": "clause", "offset": [302, 313]}, {"key": "in-accordance-with", "type": "clause", "offset": [317, 335]}, {"key": "successor-rules", "type": "clause", "offset": [360, 375]}, {"key": "proposed-treasury-regulations", "type": "definition", "offset": [379, 408]}, {"key": "irs-notice", "type": "definition", "offset": [431, 441]}, {"key": "proposed-rules", "type": "definition", "offset": [470, 484]}, {"key": "notwithstanding-any-provision-of-this-agreement", "type": "clause", "offset": [488, 535]}, {"key": "allocations-of-items", "type": "clause", "offset": [591, 611]}, {"key": "forfeiture-allocations", "type": "clause", "offset": [666, 688]}, {"key": "allocation-periods", "type": "clause", "offset": [709, 727]}, {"key": "the-safe-harbor", "type": "clause", "offset": [781, 796]}, {"key": "with-respect-to", "type": "clause", "offset": [891, 906]}, {"key": "transfers-of", "type": "clause", "offset": [911, 923]}, {"key": "compensatory-interests", "type": "definition", "offset": [924, 946]}, {"key": "in-effect", "type": "definition", "offset": [979, 988]}, {"key": "by-the-board", "type": "clause", "offset": [1038, 1050]}, {"key": "the-proposed", "type": "clause", "offset": [1083, 1095]}, {"key": "applicable-rule", "type": "definition", "offset": [1109, 1124]}, {"key": "each-member", "type": "definition", "offset": [1126, 1137]}, {"key": "by-signing", "type": "clause", "offset": [1139, 1149]}, {"key": "agreement-or", "type": "definition", "offset": [1155, 1167]}, {"key": "by-accepting", "type": "clause", "offset": [1168, 1180]}, {"key": "agrees-to", "type": "clause", "offset": [1203, 1212]}, {"key": "requirements-of-the", "type": "clause", "offset": [1229, 1248]}, {"key": "to-file", "type": "definition", "offset": [1413, 1420]}, {"key": "reports-and-other-documentation", "type": "clause", "offset": [1434, 1465]}, {"key": "to-amend-this-agreement", "type": "clause", "offset": [1695, 1718]}, {"key": "comply-with-the", "type": "clause", "offset": [1735, 1750]}, {"key": "provide-for-a", "type": "definition", "offset": [1802, 1815]}, {"key": "to-maintain", "type": "clause", "offset": [1853, 1864]}, {"key": "authority-to-execute", "type": "clause", "offset": [1904, 1924]}, {"key": "on-behalf-of", "type": "definition", "offset": [1951, 1963]}, {"key": "by-the-members", "type": "clause", "offset": [1994, 2008]}, {"key": "to-the-extent", "type": "clause", "offset": [2104, 2117]}, {"key": "cooperate-with", "type": "clause", "offset": [2200, 2214]}, {"key": "execute-and-deliver", "type": "clause", "offset": [2301, 2320]}, {"key": "requested-by", "type": "definition", "offset": [2371, 2383]}, {"key": "no-transfer-of", "type": "clause", "offset": [2407, 2421]}, {"key": "prior-to", "type": "definition", "offset": [2465, 2473]}, {"key": "the-transferee", "type": "clause", "offset": [2488, 2502]}, {"key": "have-agreed", "type": "clause", "offset": [2530, 2541]}, {"key": "in-writing", "type": "clause", "offset": [2542, 2552]}, {"key": "section-16", "type": "clause", "offset": [2591, 2601]}, {"key": "form-and-substance", "type": "clause", "offset": [2606, 2624]}], "samples": [{"hash": "1KmrvoFBcqd", "uri": "/contracts/1KmrvoFBcqd#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement", "score": 31.3408622742, "published": true}, {"hash": "91tIuFbZmiN", "uri": "/contracts/91tIuFbZmiN#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (OM Asset Management PLC)", "score": 29.1587944031, "published": true}, {"hash": "gCaAXkY2vdR", "uri": "/contracts/gCaAXkY2vdR#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (OM Asset Management LTD)", "score": 25.684463501, "published": true}], "hash": "814f4b39e84d36831b1028c6ec934aef", "id": 4}, {"size": 8, "snippet": "(a) By executing this Agreement, each Partner authorizes and directs the Partnership to elect to have the \u201cSafe Harbor\u201d described in the proposed Revenue Procedure set forth in the Internal Revenue Service Notice 2005-43 (the \u201cIRS Notice\u201d) or in any successor, guidance or provision apply to any interest in the Partnership transferred to a service provider by the Partnership on or after the effective date of such Revenue Procedure in connection with services provided to the Partnership. For purposes of making such Safe Harbor election, the Partnership Representative is hereby designated as the \u201cpartner who has responsibility for federal income Tax reporting\u201d by the Partnership and, accordingly, that execution of such Safe Harbor election by the Partnership Representative constitutes execution of a \u201cSafe Harbor Election\u201d in accordance with Section 3.03(1) of the IRS Notice. Each Partner hereby agrees to comply with all requirements of the Safe Harbor described in the IRS Notice, including, the requirement that each Partner shall prepare and file all federal income Tax returns reporting the income Tax effects of each Unit issued by the Partnership that qualifies for the Safe Harbor in a manner consistent with the requirements of the IRS Notice.\n(b) Any Partner or former Partner that fails to comply with requirements set forth in Section 7.5(a) shall indemnify and hold harmless the Partnership and each adversely affected Partner and former Partner from and against any and all losses, liabilities, Taxes, damages, judgments, fines, costs, penalties, amounts paid in settlement and reasonable out-of-pocket costs and expenses incurred in connection therewith (including, costs and expenses of suits and proceedings and reasonable fees and disbursements of counsel), in each case resulting from such Partner\u2019s or former Partner\u2019s failure to comply with such requirements. The General Partner may offset Distributions to which a Person is otherwise entitled under this Agreement against such Person\u2019s obligation to indemnify the Partnership and any other Person under this Section 7.5(b) (and any amount so offset with respect to such Person\u2019s obligation to indemnify a Person other than the Partnership shall be paid over to such other Person by the Partnership). A Partner\u2019s obligations to comply with the requirements of Section 7.5(a) and to indemnify the Partnership and any Partner or former Partner under this Section 7.5(b) shall survive such Partner\u2019s ceasing to be a Partner of the Partnership and/or the termination, dissolution, liquidation and winding up of the Partnership, and, for purposes of this Section 7.5, the Partnership shall be treated as continuing in existence. The Partnership and any Partner or former Partner may pursue and enforce all rights and remedies it may have against each Partner or former Partner under this Section 7.5(b), including (i) instituting a lawsuit to collect such indemnification and contribution, and (ii) specific performance and/or immediate injunctive or other equitable relief from any court of competent jurisdiction (without the necessity of showing actual money damages, or posting any bond or other security) in order to enforce or prevent any violation of the provisions of Section 7.5(a).\n(c) Each Partner authorizes the General Partner to amend paragraphs (a) and (b) of this Section 7.5 to the extent necessary to achieve substantially the same Tax treatment with respect to any interest Units Transferred to a service provider by the Partnership in connection with services provided to the Partnership as set forth in Section 4 of the IRS Notice (e.g., to reflect changes from the rules set forth in the IRS Notice in subsequent Internal Revenue Service guidance); provided, that such amendment is not materially adverse to any Partner (as compared with the after-Tax consequences that would result if the provisions of the IRS Notice applied to all Units Transferred to a service provider by the Partnership in connection with services provided to the Partnership).", "snippet_links": [{"key": "executing-this-agreement", "type": "clause", "offset": [7, 31]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [46, 68]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [137, 163]}, {"key": "service-notice", "type": "definition", "offset": [198, 212]}, {"key": "irs-notice", "type": "definition", "offset": [227, 237]}, {"key": "a-service-provider", "type": "definition", "offset": [339, 357]}, {"key": "by-the-partnership", "type": "clause", "offset": [358, 376]}, {"key": "date-of", "type": "clause", "offset": [403, 410]}, {"key": "in-connection-with", "type": "clause", "offset": [434, 452]}, {"key": "services-provided", "type": "clause", "offset": [453, 470]}, {"key": "to-the-partnership", "type": "clause", "offset": [471, 489]}, {"key": "safe-harbor-election", "type": "definition", "offset": [519, 539]}, {"key": "partnership-representative", "type": "definition", "offset": [545, 571]}, {"key": "responsibility-for", "type": "clause", "offset": [617, 635]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [636, 664]}, {"key": "in-accordance-with", "type": "clause", "offset": [831, 849]}, {"key": "agrees-to", "type": "clause", "offset": [905, 914]}, {"key": "the-safe-harbor", "type": "clause", "offset": [947, 962]}, {"key": "federal-income-tax-returns", "type": "definition", "offset": [1064, 1090]}, {"key": "tax-effects", "type": "clause", "offset": [1112, 1123]}, {"key": "issued-by", "type": "clause", "offset": [1137, 1146]}, {"key": "the-requirements", "type": "clause", "offset": [1226, 1242]}, {"key": "former-partner", "type": "definition", "offset": [1281, 1295]}, {"key": "comply-with-requirements", "type": "clause", "offset": [1310, 1334]}, {"key": "section-75", "type": "clause", "offset": [1348, 1359]}, {"key": "indemnify-and-hold-harmless", "type": "clause", "offset": [1369, 1396]}, {"key": "affected-partner", "type": "definition", "offset": [1432, 1448]}, {"key": "expenses-incurred", "type": "clause", "offset": [1636, 1653]}, {"key": "expenses-of", "type": "clause", "offset": [1700, 1711]}, {"key": "suits-and-proceedings", "type": "clause", "offset": [1712, 1733]}, {"key": "fees-and-disbursements-of-counsel", "type": "clause", "offset": [1749, 1782]}, {"key": "each-case", "type": "definition", "offset": [1788, 1797]}, {"key": "resulting-from", "type": "definition", "offset": [1798, 1812]}, {"key": "failure-to-comply-with", "type": "clause", "offset": [1848, 1870]}, {"key": "the-general-partner", "type": "definition", "offset": [1890, 1909]}, {"key": "distributions-to", "type": "clause", "offset": [1921, 1937]}, {"key": "a-person", "type": "definition", "offset": [1944, 1952]}, {"key": "obligation-to-indemnify", "type": "clause", "offset": [2018, 2041]}, {"key": "any-other-person", "type": "definition", "offset": [2062, 2078]}, {"key": "with-respect-to", "type": "clause", "offset": [2131, 2146]}, {"key": "comply-with-the", "type": "clause", "offset": [2309, 2324]}, {"key": "ceasing-to-be-a", "type": "clause", "offset": [2478, 2493]}, {"key": "the-termination", "type": "clause", "offset": [2528, 2543]}, {"key": "winding-up-of-the-partnership", "type": "clause", "offset": [2574, 2603]}, {"key": "for-purposes-of-this-section", "type": "clause", "offset": [2610, 2638]}, {"key": "in-existence", "type": "definition", "offset": [2691, 2703]}, {"key": "rights-and-remedies", "type": "definition", "offset": [2782, 2801]}, {"key": "indemnification-and-contribution", "type": "clause", "offset": [2932, 2964]}, {"key": "specific-performance", "type": "definition", "offset": [2975, 2995]}, {"key": "injunctive-or-other-equitable-relief", "type": "clause", "offset": [3013, 3049]}, {"key": "court-of-competent-jurisdiction", "type": "definition", "offset": [3059, 3090]}, {"key": "money-damages", "type": "clause", "offset": [3132, 3145]}, {"key": "bond-or-other-security", "type": "clause", "offset": [3162, 3184]}, {"key": "in-order-to", "type": "clause", "offset": [3186, 3197]}, {"key": "the-provisions-of-section", "type": "clause", "offset": [3234, 3259]}, {"key": "to-amend", "type": "definition", "offset": [3316, 3324]}, {"key": "to-the-extent", "type": "clause", "offset": [3368, 3381]}, {"key": "tax-treatment", "type": "definition", "offset": [3426, 3439]}, {"key": "in-section-4", "type": "clause", "offset": [3597, 3609]}, {"key": "the-rules", "type": "clause", "offset": [3659, 3668]}, {"key": "materially-adverse", "type": "definition", "offset": [3784, 3802]}, {"key": "tax-consequences", "type": "clause", "offset": [3846, 3862]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [3884, 3905]}, {"key": "all-units", "type": "clause", "offset": [3928, 3937]}], "samples": [{"hash": "2Zjhstf4JqI", "uri": "/contracts/2Zjhstf4JqI#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement (Suja Life, Inc.)", "score": 37.34770705, "published": true}, {"hash": "i6imrNNpz3W", "uri": "/contracts/i6imrNNpz3W#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement (Suja Life, Inc.)", "score": 37.3175888062, "published": true}], "hash": "e296fd1f126709b4d9ef5204ec47f811", "id": 3}, {"size": 2, "snippet": "The Company and the Managing Member are authorized to follow the proposed Treasury Regulations that were issued on May 24, 2005 regarding the issuance of partnership equity for services (including Proposed Treasury Regulations Sections \u00a7\u00a71.83-3, 1.83-6, 1.704-1, 1.706-3, 1.721-1 and 1.761-1), as such regulations may be subsequently amended (the \u201cProposed Regulations\u201d), upon the issuance of a Company interest for services rendered or to be rendered to or for the benefit of the Company or a subsidiary of the Company, until final Treasury Regulations regarding such matters are issued. The Managing Member is expressly authorized by each Member to elect to apply the safe harbor set forth in the Proposed Regulations if the provisions of the Proposed Regulations and the proposed Revenue Procedure described in IRS Notice 2005-43, or provisions similar thereto, are adopted as final (or temporary) regulations. If the Managing Member determines that the Company should make such election, then the Managing Member is hereby authorized to amend this Agreement without the consent of any other Member to provide that (i) the Company is authorized and directed to elect the safe harbor, (ii) the Company and each of its Members (including any person to whom a partnership interest is transferred in connection with the performance of services) will comply with all requirements of the safe harbor with respect to all Company interests transferred in connection with the performance of services while such election remains in effect and (iii) the Company and each of its Members will take all actions necessary, including providing the Company with any required information, to permit the Company to comply with the requirements set forth or referred to in the applicable Proposed Regulations for such election to be effective until such time (if any) as the Managing Member determines, in its discretion, that the Company should terminate such election. The Managing Member is further authorized to amend this Agreement to the extent the Managing Member determines in its discretion that such modification is necessary or desirable as a result of the issuance of such Treasury Regulations relating to the tax treatment of the transfer of a partnership interest in connection with the performance of services. Notwithstanding anything to the contrary in this Agreement, each Member expressly confirms and agrees that such Member will be legally bound by any such amendment.", "snippet_links": [{"key": "the-managing-member", "type": "definition", "offset": [16, 35]}, {"key": "proposed-treasury-regulations", "type": "definition", "offset": [65, 94]}, {"key": "issued-on", "type": "clause", "offset": [105, 114]}, {"key": "the-issuance", "type": "clause", "offset": [138, 150]}, {"key": "equity-for-services", "type": "clause", "offset": [166, 185]}, {"key": "proposed-regulations", "type": "definition", "offset": [348, 368]}, {"key": "interest-for", "type": "definition", "offset": [403, 415]}, {"key": "services-rendered", "type": "definition", "offset": [416, 433]}, {"key": "to-or-for-the-benefit-of", "type": "definition", "offset": [452, 476]}, {"key": "subsidiary-of-the-company", "type": "definition", "offset": [494, 519]}, {"key": "authorized-by", "type": "clause", "offset": [622, 635]}, {"key": "each-member", "type": "definition", "offset": [636, 647]}, {"key": "to-apply", "type": "clause", "offset": [657, 665]}, {"key": "the-safe-harbor", "type": "clause", "offset": [666, 681]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [723, 744]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [774, 800]}, {"key": "irs-notice", "type": "definition", "offset": [814, 824]}, {"key": "or-temporary", "type": "definition", "offset": [887, 899]}, {"key": "to-amend-this-agreement", "type": "clause", "offset": [1038, 1061]}, {"key": "consent-of", "type": "clause", "offset": [1074, 1084]}, {"key": "other-member", "type": "clause", "offset": [1089, 1101]}, {"key": "to-provide", "type": "clause", "offset": [1102, 1112]}, {"key": "directed-to", "type": "definition", "offset": [1152, 1163]}, {"key": "any-person", "type": "definition", "offset": [1239, 1249]}, {"key": "in-connection-with", "type": "clause", "offset": [1296, 1314]}, {"key": "performance-of-services", "type": "clause", "offset": [1319, 1342]}, {"key": "requirements-of-the", "type": "clause", "offset": [1365, 1384]}, {"key": "with-respect-to", "type": "clause", "offset": [1397, 1412]}, {"key": "company-interests", "type": "definition", "offset": [1417, 1434]}, {"key": "in-effect", "type": "definition", "offset": [1522, 1531]}, {"key": "actions-necessary", "type": "clause", "offset": [1592, 1609]}, {"key": "providing-the", "type": "clause", "offset": [1621, 1634]}, {"key": "required-information", "type": "clause", "offset": [1652, 1672]}, {"key": "the-requirements", "type": "clause", "offset": [1711, 1727]}, {"key": "the-applicable", "type": "clause", "offset": [1756, 1770]}, {"key": "in-its-discretion", "type": "clause", "offset": [1886, 1903]}, {"key": "to-the-extent", "type": "clause", "offset": [2020, 2033]}, {"key": "relating-to", "type": "definition", "offset": [2189, 2200]}, {"key": "treatment-of", "type": "definition", "offset": [2209, 2221]}, {"key": "transfer-of-a-partnership-interest", "type": "clause", "offset": [2226, 2260]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [2309, 2349]}, {"key": "in-this-agreement", "type": "definition", "offset": [2350, 2367]}, {"key": "legally-bound", "type": "clause", "offset": [2436, 2449]}], "samples": [{"hash": "fgg11ZpQ46B", "uri": "/contracts/fgg11ZpQ46B#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (Andersen Group Inc.)", "score": 36.9726219177, "published": true}, {"hash": "jFuMYqDhnMb", "uri": "/contracts/jFuMYqDhnMb#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (Andersen Group Inc.)", "score": 36.882270813, "published": true}], "hash": "0dee687b4ae971c1e663b69bf9fbb7bd", "id": 5}, {"size": 1, "snippet": "Each Limited Partner authorizes and directs the Fund to elect to have the \u201cSafe Harbor\u201d described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the \u201cNotice\u201d) apply to any Interest in the Fund transferred to a service provider by the Fund in connection with services provided to the Fund. For purposes of making such Safe Harbor election, the General Partner is hereby designated as the \u201cpartner who has responsibility for U.S. federal income tax reporting\u201d by the Fund and, accordingly, execution of such Safe Harbor election by the General Partner constitutes execution of a \u201cSafe Harbor Election\u201d in accordance with Section 3.03(1) of the Notice. Each Partner hereby agrees to use reasonable efforts to comply with the Safe Harbor, and each Partner agrees to use its reasonable efforts to cooperate with the General Partner to amend this Section", "snippet_links": [{"key": "limited-partner", "type": "clause", "offset": [5, 20]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [21, 43]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [105, 131]}, {"key": "service-notice", "type": "definition", "offset": [162, 176]}, {"key": "a-service-provider", "type": "definition", "offset": [249, 267]}, {"key": "by-the-fund", "type": "clause", "offset": [268, 279]}, {"key": "in-connection-with", "type": "clause", "offset": [280, 298]}, {"key": "services-provided-to-the-fund", "type": "clause", "offset": [299, 328]}, {"key": "for-purposes-of", "type": "clause", "offset": [330, 345]}, {"key": "safe-harbor-election", "type": "definition", "offset": [358, 378]}, {"key": "for-us", "type": "clause", "offset": [460, 467]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [469, 497]}, {"key": "by-the-general-partner", "type": "clause", "offset": [568, 590]}, {"key": "in-accordance-with", "type": "clause", "offset": [641, 659]}, {"key": "the-notice", "type": "clause", "offset": [679, 689]}, {"key": "agrees-to", "type": "clause", "offset": [711, 720]}, {"key": "the-safe-harbor", "type": "clause", "offset": [759, 774]}, {"key": "cooperate-with", "type": "clause", "offset": [833, 847]}, {"key": "to-amend", "type": "definition", "offset": [868, 876]}], "samples": [{"hash": "2QMGJqeL9uZ", "uri": "/contracts/2QMGJqeL9uZ#code-section-83-safe-harbor-election", "label": "Limited Partnership Agreement", "score": 23.9555091858, "published": true}], "hash": "e90f2bd134776eecd0b49cafb6750cad", "id": 6}, {"size": 1, "snippet": "By executing this Agreement, each Member authorizes and directs the Company to elect to have the safe harbor described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the \u201cIRS Notice\u201d) (under which the fair market value of a partnership interest that is transferred in connection with the performance of services is treated as being equal to the liquidation value of that interest) apply to any interest in the Company transferred to a service provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company. Solely for purposes of making such safe harbor election, PECO Member is hereby designated as the \u201cpartner who has responsibility for U.S. federal income tax reporting\u201d by the Company and, accordingly, execution of such safe harbor election by PECO Member constitutes execution of a \u201csafe harbor election\u201d in accordance with Section 3.03(1) of the IRS Notice. The Company and each Member hereby agree to comply with all requirements of the safe harbor described in the IRS Notice.", "snippet_links": [{"key": "executing-this-agreement", "type": "clause", "offset": [3, 27]}, {"key": "each-member", "type": "definition", "offset": [29, 40]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [41, 63]}, {"key": "the-safe-harbor", "type": "clause", "offset": [93, 108]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [126, 152]}, {"key": "service-notice", "type": "definition", "offset": [183, 197]}, {"key": "irs-notice", "type": "definition", "offset": [212, 222]}, {"key": "the-fair-market-value", "type": "clause", "offset": [238, 259]}, {"key": "partnership-interest", "type": "definition", "offset": [265, 285]}, {"key": "in-connection-with", "type": "clause", "offset": [306, 324]}, {"key": "performance-of-services", "type": "clause", "offset": [329, 352]}, {"key": "equal-to", "type": "definition", "offset": [373, 381]}, {"key": "liquidation-value", "type": "definition", "offset": [386, 403]}, {"key": "interest-in-the-company", "type": "clause", "offset": [435, 458]}, {"key": "a-service-provider", "type": "definition", "offset": [474, 492]}, {"key": "by-the-company", "type": "clause", "offset": [493, 507]}, {"key": "date-of", "type": "clause", "offset": [534, 541]}, {"key": "services-provided-to-the-company", "type": "clause", "offset": [584, 616]}, {"key": "for-purposes-of", "type": "clause", "offset": [625, 640]}, {"key": "safe-harbor-election", "type": "definition", "offset": [653, 673]}, {"key": "peco-member", "type": "definition", "offset": [675, 686]}, {"key": "for-us", "type": "clause", "offset": [747, 754]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [756, 784]}, {"key": "in-accordance-with", "type": "clause", "offset": [923, 941]}, {"key": "agree-to", "type": "clause", "offset": [1012, 1020]}, {"key": "comply-with", "type": "definition", "offset": [1021, 1032]}, {"key": "requirements-of-the", "type": "clause", "offset": [1037, 1056]}], "samples": [{"hash": "afcUcxHPWdT", "uri": "/contracts/afcUcxHPWdT#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (Phillips Edison Grocery Center Reit Ii, Inc.)", "score": 27.3436012268, "published": true}], "hash": "db176a371929f4e013c91c55c6f00131", "id": 7}, {"size": 1, "snippet": "(a) Class A Units. The Class A Units are intended to constitute \u201cprofit interests\u201d within the meaning of Internal Revenue Service Revenue Procedures 93-27 and 2001-43 and Internal Revenue Service Notice 2005-43.", "snippet_links": [{"key": "class-a-units", "type": "definition", "offset": [4, 17]}, {"key": "the-class", "type": "definition", "offset": [19, 28]}, {"key": "profit-interests", "type": "definition", "offset": [65, 81]}, {"key": "meaning-of", "type": "clause", "offset": [94, 104]}, {"key": "revenue-procedures", "type": "definition", "offset": [130, 148]}, {"key": "service-notice", "type": "definition", "offset": [188, 202]}], "samples": [{"hash": "4UXrzmUCHkR", "uri": "/contracts/4UXrzmUCHkR#code-section-83-safe-harbor-election", "label": "Interim Investors Agreement", "score": 31.3408622742, "published": true}], "hash": "ef4d795dd25e50c51489241686a266e1", "id": 8}, {"size": 1, "snippet": "Each Member authorizes the Board to elect to apply the safe harbor (the \u201cSafe Harbor\u201d) set forth in proposed Treasury Regulation Section 1.83-3(1) and proposed IRS Revenue Procedure published in IRS Notice 2005-43 if such proposed Treasury Regulation or a similar Treasury Regulation is promulgated as a Treasury Regulation. If the Board determines that the Company should make such election, any grant of a Class B Unit shall require that (a) any Person to whom a Unit is Transferred in connection with the performance of services will comply with all requirements of the Safe Harbor with respect to all Units Transferred in connection with the performance of services while such election remains in effect, and (b) the Company and each of its Members will take all actions necessary, including providing the Company with any required information, to permit the Company to comply with the requirements set forth or referred to in the applicable Treasury Regulations for such election to be effective until such time (if any) as the Board determines, in its sole discretion, that the Company should terminate such election. In accordance with Section 14.1(b)(ii)(C), the Board is further authorized to amend this Agreement to modify this Section 10.5 and Section 9.1 to the extent the Board determines in its discretion that such modification is necessary or desirable as a result of the issuance of any law, Treasury Regulations, notice or ruling relating to the tax treatment of the Transfer of a partnership interest in connection with the performance of services. Notwithstanding anything to the contrary in this Agreement, each Member expressly confirms and agrees that it will be legally bound by any such grant or amendment.", "snippet_links": [{"key": "each-member", "type": "definition", "offset": [0, 11]}, {"key": "the-board", "type": "clause", "offset": [23, 32]}, {"key": "to-apply", "type": "clause", "offset": [42, 50]}, {"key": "the-safe-harbor", "type": "clause", "offset": [51, 66]}, {"key": "proposed-treasury-regulation", "type": "definition", "offset": [100, 128]}, {"key": "revenue-procedure", "type": "definition", "offset": [164, 181]}, {"key": "irs-notice", "type": "definition", "offset": [195, 205]}, {"key": "the-company", "type": "clause", "offset": [354, 365]}, {"key": "grant-of", "type": "clause", "offset": [397, 405]}, {"key": "class-b-unit", "type": "definition", "offset": [408, 420]}, {"key": "any-person", "type": "definition", "offset": [444, 454]}, {"key": "a-unit", "type": "clause", "offset": [463, 469]}, {"key": "in-connection-with", "type": "clause", "offset": [485, 503]}, {"key": "performance-of-services", "type": "clause", "offset": [508, 531]}, {"key": "requirements-of-the", "type": "clause", "offset": [553, 572]}, {"key": "with-respect-to", "type": "clause", "offset": [585, 600]}, {"key": "all-units", "type": "clause", "offset": [601, 610]}, {"key": "in-effect", "type": "definition", "offset": [698, 707]}, {"key": "actions-necessary", "type": "clause", "offset": [767, 784]}, {"key": "providing-the", "type": "clause", "offset": [796, 809]}, {"key": "required-information", "type": "clause", "offset": [827, 847]}, {"key": "the-requirements", "type": "clause", "offset": [886, 902]}, {"key": "applicable-treasury-regulations", "type": "definition", "offset": [935, 966]}, {"key": "sole-discretion", "type": "definition", "offset": [1058, 1073]}, {"key": "in-accordance-with", "type": "clause", "offset": [1124, 1142]}, {"key": "agreement-to-modify", "type": "clause", "offset": [1213, 1232]}, {"key": "section-91", "type": "clause", "offset": [1255, 1266]}, {"key": "to-the-extent", "type": "clause", "offset": [1267, 1280]}, {"key": "in-its-discretion", "type": "clause", "offset": [1302, 1319]}, {"key": "the-issuance", "type": "clause", "offset": [1384, 1396]}, {"key": "relating-to", "type": "definition", "offset": [1448, 1459]}, {"key": "treatment-of", "type": "definition", "offset": [1468, 1480]}, {"key": "transfer-of-a-partnership-interest", "type": "clause", "offset": [1485, 1519]}, {"key": "notwithstanding-anything-to-the-contrary", "type": "clause", "offset": [1568, 1608]}, {"key": "in-this-agreement", "type": "definition", "offset": [1609, 1626]}, {"key": "legally-bound", "type": "clause", "offset": [1686, 1699]}, {"key": "or-amendment", "type": "definition", "offset": [1718, 1730]}], "samples": [{"hash": "3CbShMEc7BH", "uri": "/contracts/3CbShMEc7BH#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (Majestic Holdco, LLC)", "score": 22.9739894867, "published": true}], "hash": "c14ef810f5197d1745dcc482c7fde82c", "id": 9}, {"size": 1, "snippet": "(a) By executing this Agreement, each Member authorizes and directs the Company to elect to have the \u201cSafe Harbor\u201d described in the proposed Revenue Procedure set forth in Internal Revenue Service Notice 2005-43 (the \u201cNotice\u201d) apply to any interest in the Company transferred to a service provider by the Company on or after the effective date of such Revenue Procedure in connection with services provided to the Company. For purposes of making such Safe Harbor election, Ashford is hereby designated as the \u201cpartner who has responsibility for federal income tax reporting\u201d by the Company and, accordingly, execution of such Safe Harbor election by Ashford constitutes execution of a \u201cSafe Harbor Election\u201d in accordance with Section 3.03(1) of the Notice. The Company and each Member agree to comply with all requirements of the Safe Harbor described in the Notice, including the requirement that each Member shall prepare and file all federal income tax returns reporting the income tax effects of each interest in the Company issued by the Company covered by the Safe Harbor in a manner consistent with the requirements of the Notice.\n(b) Each Member authorizes Ashford to amend Section 4.7(a) to the extent necessary to achieve substantially the same tax treatment with respect to any interest in the Company transferred to a service provider by the Company in connection with services provided to the Company as set forth in Section 4 of the Notice (e.g., the reflect changes from the rules set forth in the Notice in subsequent Internal Revenue Service guidance), provided that such amendment is not materially adverse to such Member (as compared with the after-tax consequences that would result if the provisions of the Notice applied to all interests in the Company transferred to a service provider by the Company in connection with services provided to the Company).", "snippet_links": [{"key": "executing-this-agreement", "type": "clause", "offset": [7, 31]}, {"key": "each-member", "type": "definition", "offset": [33, 44]}, {"key": "authorizes-and-directs", "type": "clause", "offset": [45, 67]}, {"key": "proposed-revenue-procedure", "type": "definition", "offset": [132, 158]}, {"key": "service-notice", "type": "definition", "offset": [189, 203]}, {"key": "interest-in-the-company", "type": "clause", "offset": [240, 263]}, {"key": "a-service-provider", "type": "definition", "offset": [279, 297]}, {"key": "by-the-company", "type": "clause", "offset": [298, 312]}, {"key": "date-of", "type": "clause", "offset": [339, 346]}, {"key": "in-connection-with", "type": "clause", "offset": [370, 388]}, {"key": "services-provided-to-the-company", "type": "clause", "offset": [389, 421]}, {"key": "for-purposes-of", "type": "clause", "offset": [423, 438]}, {"key": "safe-harbor-election", "type": "definition", "offset": [451, 471]}, {"key": "responsibility-for", "type": "clause", "offset": [526, 544]}, {"key": "federal-income-tax-reporting", "type": "clause", "offset": [545, 573]}, {"key": "in-accordance-with", "type": "clause", "offset": [708, 726]}, {"key": "the-notice", "type": "clause", "offset": [746, 756]}, {"key": "agree-to", "type": "clause", "offset": [786, 794]}, {"key": "comply-with", "type": "definition", "offset": [795, 806]}, {"key": "the-safe-harbor", "type": "clause", "offset": [827, 842]}, {"key": "federal-income-tax-returns", "type": "definition", "offset": [938, 964]}, {"key": "tax-effects", "type": "clause", "offset": [986, 997]}, {"key": "issued-by", "type": "clause", "offset": [1030, 1039]}, {"key": "covered-by", "type": "definition", "offset": [1052, 1062]}, {"key": "the-requirements", "type": "clause", "offset": [1107, 1123]}, {"key": "to-amend", "type": "definition", "offset": [1174, 1182]}, {"key": "to-the-extent", "type": "clause", "offset": [1198, 1211]}, {"key": "tax-treatment", "type": "definition", "offset": [1256, 1269]}, {"key": "with-respect-to", "type": "clause", "offset": [1270, 1285]}, {"key": "company-in", "type": "clause", "offset": [1355, 1365]}, {"key": "in-section-4", "type": "clause", "offset": [1428, 1440]}, {"key": "the-rules", "type": "clause", "offset": [1487, 1496]}, {"key": "provided-that", "type": "definition", "offset": [1571, 1584]}, {"key": "materially-adverse", "type": "definition", "offset": [1607, 1625]}, {"key": "tax-consequences", "type": "clause", "offset": [1669, 1685]}, {"key": "the-provisions-of-the", "type": "clause", "offset": [1707, 1728]}, {"key": "interests-in-the-company", "type": "clause", "offset": [1751, 1775]}], "samples": [{"hash": "hCeu4ObLb8b", "uri": "/contracts/hCeu4ObLb8b#code-section-83-safe-harbor-election", "label": "Limited Liability Company Agreement (Ashford Hospitality Trust Inc)", "score": 22.3524990082, "published": true}], "hash": "714f3060b8b62a9fa11297f40caaf941", "id": 10}], "next_curs": "Cm0SZ2oVc35sYXdpbnNpZGVyY29udHJhY3RzckkLEhZDbGF1c2VTbmlwcGV0R3JvdXBfdjU2Ii1jb2RlLXNlY3Rpb24tODMtc2FmZS1oYXJib3ItZWxlY3Rpb24jMDAwMDAwMGEMogECZW4YACAA", "clause": {"size": 56, "title": "Code Section 83 Safe Harbor Election", "children": [["", ""], ["safe-harbor-election", "Safe Harbor Election"], ["certain-amendments", "Certain Amendments"], ["entire-agreement", "Entire Agreement"], ["failure-to-comply", "Failure to Comply"]], "parents": [["tax-matters", "Tax Matters"], ["books-and-records-reports-to-limited-partners", "Books and Records; Reports to Limited Partners"], ["taxes", "Taxes"], ["capital-contributions", "Capital Contributions"], ["ltip-units", "LTIP Units"]], "id": "code-section-83-safe-harbor-election", "related": [["safe-harbor", "Safe Harbor", "Safe Harbor"], ["code-section-409a", "Code Section 409A", "Code Section 409A"], ["section-754-election", "Section 754 Election", "Section 754 Election"], ["code-section-409a-compliance", "Code Section 409A Compliance", "Code Section 409A Compliance"], ["section-83b-election", "Section 83(b) Election", "Section 83(b) Election"]], "related_snippets": [], "updated": "2026-05-10T05:39:37+00:00", "also_ask": ["What negotiation leverage does the 83(b) safe harbor election provide to founders or employees?", "Which drafting elements are essential to ensure the election is valid and enforceable?", "What are the main risks if the safe harbor election is omitted or improperly executed?", "How does this safe harbor compare to standard Section 83(b) election procedures?", "What are the most common grounds for courts to invalidate or challenge a purported 83(b) safe harbor election?"], "drafting_tip": "Specify the election procedure, set clear deadlines, and outline notification requirements to ensure compliance with IRS rules and prevent unintended tax consequences.", "explanation": "The Code Section 83 Safe Harbor Election clause allows parties, typically in the context of equity compensation, to agree to treat the fair market value of property (such as restricted stock) as determined by a specific method for tax purposes under Section 83 of the Internal Revenue Code. In practice, this clause is often used in startup or private company settings where the valuation of shares may be uncertain, enabling both the company and the recipient to rely on a mutually agreed-upon valuation method, such as a recent financing round price. Its core function is to provide certainty and reduce the risk of IRS challenges regarding the value of property transferred in connection with services, thereby minimizing potential tax disputes and ensuring predictable tax treatment for both parties."}, "json": true, "cursor": ""}}