Actions to Maintain REIT Status or Avoid Taxation of the Parent. Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the Parent to qualify as a REIT or (ii) to allow the Parent to avoid incurring any liability for taxes under Sections 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.
Appears in 6 contracts
Samples: Limited Partnership Agreement (Freehold Properties, Inc.), Limited Partnership Agreement (MedEquities Realty Trust, Inc.), Limited Partnership Agreement (Education Realty Operating Partnership L P)
Actions to Maintain REIT Status or Avoid Taxation of the Parent. Notwithstanding any other provisions of this Agreement or the Act, any action of the General Partner on behalf of the Partnership or any decision of the General Partner to refrain from acting on behalf of the Partnership undertaken in the good faith belief that such action or omission is necessary or advisable in order (i) to protect the ability of the Parent to qualify or continue to qualify as a REIT or (ii) to allow the Parent to avoid incurring any liability for taxes under Sections 857 or 4981 of the Code, is expressly authorized under this Agreement and is deemed approved by all of the Limited Partners.
Appears in 1 contract
Samples: Limited Partnership Agreement (Education Realty Operating Partnership L P)
