Publicly Traded Partnerships. 54 Portfolio Income And Unrelated Business Taxable Income...................... 54 Basis....................................................................... 54
Publicly Traded Partnerships. 56 Results If Partnership Is Taxable As An Association......................... 57
Publicly Traded Partnerships. To ensure that interests in the Company are not traded on an established securities market within the meaning of Regulations Section 1.7704-1(b) or readily tradable on a secondary market or the substantial equivalent thereof within the meaning of Regulations Section 1.7704-1(c), notwithstanding anything to the contrary in this Agreement:
Publicly Traded Partnerships. Either such Purchaser is not a partnership, S corporation, or grantor trust for U.S. federal income tax purposes, or, if such Purchaser is a partnership, S corporation, or grantor trust, such Purchaser was not formed with, and will not be used for, a principal purpose of permitting the Partnership to satisfy the 100 partner limitation contained in Section 1.7704-1(h)(1)(ii) of the Treasury Regulations promulgated under the Code.
Publicly Traded Partnerships. No transfer, subdivision, assignment or issuance of an Interest, even if otherwise in compliance with the other provisions of this Agreement, may be made or marketed in a manner which would result in the Company having more than 100 partners within the meaning of Treasury Regulation ss.7.7704-1(h) or being treated as a publicly traded partnership within the meaning of Code ss.7704(b). This Section is intended to ensure that the Company will at all times not be treated as a publicly traded partnership within the meaning of Code ss.7704(b) and is to be interpreted in a manner consistent with this intent. The interpretation of the Manager in this regard is final and binding.
Publicly Traded Partnerships. Either the Subscriber is not a partnership, S corporation, or grantor trust for U.S. federal income tax purposes, or, if the Subscriber is a partnership, S corporation, or grantor trust, the Subscriber was not formed with, and will not be used for, a principal purpose of permitting the Partnership to satisfy the 100 partner limitation contained in Section 1.7704-1(h)(1)(ii) of the Treasury Regulations promulgated under the Code.
Publicly Traded Partnerships. To avoid classification as a “publicly traded partnership” for U.S. federal income tax purposes, the Company shall not (i) participate in the establishment of a securities market for the Interests within the meaning of Regulations Section 1.7704-1(b), (ii) allow the Interests to be tradable on a secondary market or the substantial equivalent thereof) within the meaning of Regulations Section 1.7704-1(c), or (iii) recognize any Transfer made on any market by (A) redeeming the transferor Member (in the case of a redemption or repurchase by the Company) or (B) admitting the transferee as a Member or otherwise recognizing any rights of such transferee, such as a right of the transferee to receive Company distributions (directly or indirectly) or to acquire an interest in the capital or profits of the Company, unless and until the Manager has registered Interests and Series Interests for resale under the Securities Act and has them listed or quoted for trading.
Publicly Traded Partnerships. Notwithstanding any provisions to the contrary herein contained, the Company shall not participate in any manner in the establishment of, for any interest in the Company (including through the repurchase or redemption of any interest in the Company) or the inclusion of any interest in the Company on, an established securities market or a secondary market or the substantial equivalent thereof (within the meaning of Treasury Regulations under Section 7704 of the Code).
