Common use of Pass-Through Entity Clause in Contracts

Pass-Through Entity. GRANTEE ACKNOWLEDGES THAT THE COMPANY IS TAXED AS A PARTNERSHIP FOR UNITED STATES FEDERAL (AND, WHERE APPROPRIATE, STATE) INCOME TAX PURPOSES AND THAT, AS A RESULT OF SUCH STATUS, ITEMS OF INCOME, GAIN, LOSS, DEDUCTION AND CREDIT OF THE COMPANY WILL PASS-THROUGH FROM THE COMPANY TO GRANTEE AND WILL BE REQUIRED TO BE REPORTED ON THE UNITED STATES FEDERAL (AND, WHERE APPROPRIATE, STATE) INCOME TAX RETURNS OF GRANTEE. GRANTEE WILL LOOK SOLELY TO, AND ▇▇▇▇ UPON, HIS OWN ADVISORS WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE OWNERSHIP OF THE AWARDED INTEREST.

Pass-Through Entity. GRANTEE ▇▇▇▇▇▇▇ ACKNOWLEDGES THAT THE COMPANY IS TAXED AS A PARTNERSHIP FOR UNITED STATES FEDERAL (AND, WHERE APPROPRIATE, STATE) INCOME TAX PURPOSES AND THAT, AS A RESULT OF SUCH STATUS, ITEMS OF INCOME, GAIN, LOSS, DEDUCTION AND CREDIT OF THE COMPANY WILL PASS-THROUGH FROM THE COMPANY TO GRANTEE AND WILL BE REQUIRED TO BE REPORTED ON THE UNITED STATES FEDERAL (AND, WHERE APPROPRIATE, STATE) INCOME TAX RETURNS OF GRANTEE. , GRANTEE WILL LOOK SOLELY TO, AND ▇▇▇▇ RELY UPON, HIS OWN ADVISORS WITH RESPECT TO THE FEDERAL, STATE, LOCAL AND FOREIGN TAX CONSEQUENCES OF THE OWNERSHIP OF THE AWARDED INTEREST.