Election Out Sample Clauses
The 'Election Out' clause allows a party to opt out of certain obligations or provisions within an agreement. Typically, this clause specifies the conditions or procedures under which a party can make such an election, such as providing written notice within a set timeframe. Its core practical function is to provide flexibility, enabling parties to avoid specific terms that may not suit their interests or circumstances, thereby reducing unwanted risk or commitment.
Election Out. (i) To the extent that the Election Out is available to the Partnership under the Partnership Tax Audit Rules, the General Partner may make the Election Out.
(ii) If the Partnership Representative makes an Election Out, the Partnership shall, within thirty (30) days of receipt of a written request, make available to any Partner, at such Partner’s expense, any information such Partner reasonably requests in connection with any Tax Audit relating to such Partner’s interest in the Partnership. Each Partner shall inform the Partnership of any Covered Audit Adjustments to Partnership items that result from any Tax Audit of such Partner within thirty (30) days of the close of such Tax Audit.
Election Out. Make the election provided by Section 6221(b) of the Partnership Tax Audit Rules to have Subchapter C of Chapter 63 of the Code not apply (the “Election Out”).
Election Out. To make the “election out” under Section 6221.
Election Out. The Manager, in their discretion, may reasonably determine any imputed underpayment imposed on the Company pursuant to Code Section 6232 (and any related interest, penalties or other additions to tax) that is attributable to one or more Members or former Members.
Election Out. An election has been duly made by IID, CVWD, SDCWA or MWD under Section 4.1(8) of the Environmental Cost Sharing Agreement to terminate its obligations under Sections 4.1 and 4.2 of such agreement, except as provided in such Section 4.1(8), effective as a December 31, 2003.
Election Out. The Company shall make the election “out” under Code section 6221(b) if such election is available.
Election Out. Upon issuance of the regulations implementing the "merchant banking activities" provisions of amended Section 4(k)(4)(H) of the Bank Holding Company Act, any Bank Regulated Partner may irrevocably elect, by providing written notice to the General Partner, not to be governed by this Section 6.5 because such Limited Partner or an Affiliate has elected to be treated as a "financial holding company" under the Financial Services Act of 1999 (the Gram▇-▇▇▇▇▇-▇▇▇▇▇▇ ▇▇▇ of 1999).
Election Out. Except as provided in this paragraph (3), any Party may give notice to the other Parties of such Party’s election to terminate its obligations under this Section 4, effective retroactively to the Effective Date, if (a) the Parties have not agreed upon an allocation of shares of Remaining Expected Environmental Mitigation Costs pursuant to Section 4.1(1), or (b) the electing Party has determined in its sole discretion that its share of Remaining Expected Environmental Mitigation Costs under this Agreement, after taking into account any State and Federal Contributions, will likely be unacceptably high relative to its anticipated benefits under the QSA and the Related Agreements. Such election must be made by December 31, 2003, or within thirty days after IID has determined that the Environmental Compliance Condition Subsequent has been satisfied, whichever date occurs later. In the event any such election is duly made, the Parties’ obligations under this Section 4.1 shall thereupon be limited to Remaining Expected Environmental Mitigation Costs incurred prior to December 31, 2003 or the date of such election, whichever date occurs later, which costs shall be shared equally (twenty- five percent (25%) each) by the Parties; and notwithstanding Section 3.1, any Environmental Review Costs incurred after the Execution Date and prior to December 31, 2003, shall be shared twenty-five percent (25%) by IID, twenty-five percent (25%) by CVWD, and fifty percent (50%) jointly by MWD and SDCWA. The procedures and requirements set forth in Section 4.3, including paragraph (5) thereof, shall apply to the cost sharing obligations determined under this paragraph (3).