Common use of Section 754 Elections Clause in Contracts

Section 754 Elections. Each of the Contributors and the Company agree (i) to cause an election under Section 754 of the Code to be included in the closing federal partnership tax returns of the Company indicating BNP as a partner; (ii) to prepare, at their expense, and timely file closing partnership tax returns for the period ending on the Closing Date for the Company; and (iii) to present such tax returns to BNP for its approval, which shall not be unreasonably withheld, sufficiently in advance of the filing of such returns.

Section 754 Elections. Each of the Contributors The Contributor and the Company agree (i) to cause an election under Section 754 of the Code to be included in the closing federal partnership tax returns of the Company indicating BNP as a partner; (ii) to prepare, at their expense, and timely file 215 closing partnership tax returns for the period ending on the Closing Date for the Company; and (iii) to present such tax returns to BNP for its approval, which shall not be unreasonably withheld, sufficiently in advance of the filing of such returns.