Common use of Section 721 Transaction Clause in Contracts

Section 721 Transaction. Notwithstanding anything to the contrary in this Agreement, including without limitation the use of words and phrases such as "Seller," "Purchaser," "Purchase Price," "sell," "sale," purchase" and "pay," the parties hereto acknowledge and agree that it is their intent that the transaction contemplated hereby be treated for federal income tax purposes as the contribution of the Contributed Assets by Contributor to FLLP in exchange for the Units pursuant to Section 721 of the Internal Revenue Code of 1986, as amended (the "Code"), and not as a transaction in which Contributor is acting other than in its capacity as a prospective partner of FLLP.