Common use of Percentage Interests Clause in Contracts

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 38 contracts

Samples: Limited Partnership Agreement (New Mountain Net Lease Trust), Limited Partnership Agreement (IPC Alternative Real Estate Income Trust, Inc.), Limited Partnership Agreement (Blue Owl Real Estate Net Lease Trust)

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Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 30 contracts

Samples: Limited Partnership Agreement (Strategic Storage Trust IV, Inc.), Limited Partnership Agreement (Strategic Storage Trust IV, Inc.), Limited Partnership Agreement (Strategic Storage Trust IV, Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable yearYear, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.01(g), the Profits and Losses for the taxable year Year in which the adjustment occurs shall be allocated between the part of the year Year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year Year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year Year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year Year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the Year shall be based on the adjusted Percentage Interests.

Appears in 24 contracts

Samples: Limited Partnership Agreement (MPT of West Anaheim, LLC), Limited Partnership Agreement (MPT of West Anaheim, LLC), Limited Partnership Agreement (MPT of West Anaheim, LLC)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 15 contracts

Samples: Limited Partnership Agreement (Griffin Capital Essential Asset REIT II, Inc.), Limited Partnership Agreement (Sentio Healthcare Properties Inc), Limited Partnership Agreement (Dividend Capital Total Realty Trust Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 15 contracts

Samples: Limited Partnership Agreement (Healthcare Financial Partners Reit Inc), Limited Partnership Agreement (Wells Timber Real Estate Investment Trust, Inc.), Limited Partnership Agreement (Wells Timber Real Estate Investment Trust, Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits net profits and Losses net losses (and items thereof) for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits net profits and Losses net losses (or items thereof) for the taxable year in which the adjustment occurs. The allocation of Profits net profits and Losses net losses (or items thereof) for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits net profits and Losses net losses (or items thereof) for the later part shall be based on the adjusted Percentage Interests.

Appears in 15 contracts

Samples: Limited Partnership Agreement (BLACK CREEK INDUSTRIAL REIT IV Inc.), Limited Partnership Agreement (Industrial Property Trust), Limited Partnership Agreement (BLACK CREEK INDUSTRIAL REIT IV Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses Operating Income for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when preceding the effective date of such adjustment occurs and the part of the year beginning on the following day effective date of such adjustment either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses Operating Income for the taxable year in which the adjustment occurs. The allocation of Profits and Losses Operating Income for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses Operating Income for the later part shall be based on the adjusted Percentage Interests.

Appears in 6 contracts

Samples: Limited Partnership Agreement (NNN Apartment REIT, Inc.), Limited Partnership Agreement (T Reit Inc), Limited Partnership Agreement (NNN Apartment REIT, Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving give effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the year shall be based on the adjusted Percentage Interests.

Appears in 4 contracts

Samples: Limited Partnership Agreement (Resource REIT, Inc.), Limited Partnership Agreement (Resource REIT, Inc.), Limited Partnership Agreement (Resource Real Estate Opportunity REIT II, Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of outstanding Partnership Units outstanding after giving effect to such increase or decreaseUnits. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 3 contracts

Samples: Limited Partnership Agreement (RFS Hotel Investors Inc), Limited Partnership Agreement (RFS Hotel Investors Inc), Limited Partnership Agreement (Humphrey Hospitality Trust Inc)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of outstanding Partnership Units outstanding after giving effect to such increase or decreaseUnits. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 3 contracts

Samples: Third Amended and Restated Agreement of Limited Partnership (Condor Hospitality Trust, Inc.), Third Amended and Restated Agreement of Limited Partnership (Supertel Hospitality Inc), Third Amended and Restated Agreement of Limited Partnership (Supertel Hospitality Inc)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of outstanding Partnership Units outstanding after giving effect to such increase or decreaseUnits. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 3 contracts

Samples: Merger Agreement (Westbrook Real Estate Partners LLC), Agreement of Limited Partnership (Sunstone Hotel Investors Inc), Merger Agreement (Alter Robert A)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the effective date of such adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Americold Realty Trust), Limited Partnership Agreement (Americold Realty Trust), Limited Partnership Agreement (Americold Realty Trust)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when of the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 3 contracts

Samples: Limited Partnership Agreement (Golf Trust of America Inc), Limited Partnership Agreement (Capital Automotive Reit), Limited Partnership Agreement (Golf Trust of America Inc)

Percentage Interests. If the number of outstanding Partnership Units -------------------- increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of outstanding Partnership Units outstanding after giving effect to such increase or decreaseUnits. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Patriot American Hospitality Operating Co\de), Limited Partnership Agreement (Humphrey Hospitality Trust Inc)

Percentage Interests. If the number of outstanding Partnership Common Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Common Units held by such Partner divided by the aggregate number of Partnership Common Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (CatchMark Timber Trust, Inc.), Amendment No. 3 to the Amended and Restated Agreement of Limited Partnership (Sotherly Hotels Lp)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable yearYear, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.01 (g), the Profits and Losses for the taxable year Year in which the adjustment occurs shall be allocated between the part of the year Year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year Year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year Year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year Year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the Year shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (MPT of West Anaheim, LLC), Limited Partnership Agreement (MPT of West Anaheim, LLC)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Class Percentage Interest and Partnership Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units of a class or series held by such Partner divided by the aggregate number of Partnership Units of such class or series outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits Profit and Losses Loss for the taxable year in which the adjustment occurs shall be allocated prorated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day and, as so divided, shall be allocated to the Partners based on their Percentage Interests before adjustment, and their adjusted Percentage Interests, respectively, either (ia) as if the taxable year had ended on the date of the adjustment or (iib) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits Profit and Losses Loss for the taxable year in which the an adjustment occurs. The allocation of Profits and Losses for the earlier part , as may be required or permitted under Section 706 of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage InterestsCode.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Cole Office & Industrial REIT (CCIT III), Inc.), Limited Partnership Agreement (Cole Office & Industrial REIT (CCIT III), Inc.)

Percentage Interests. If the number of outstanding Partnership Units Shares increases or decreases during a taxable year, each PartnerMember’s Percentage Interest shall be adjusted by the General Partner Company effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units Shares held by such Partner Member divided by the aggregate number of Partnership Units Shares outstanding after giving effect to such increase or decrease. If the PartnersMembers’ Percentage Interests are adjusted pursuant to this Section 4.64.8, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Company’s property is revalued and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General PartnerManager, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Operating Agreement (KKR Financial Holdings LLC), Operating Agreement (KKR Financial Holdings LLC)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (ia) as if the taxable year had ended on the date of the adjustment or (iib) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Cohen & Steers Income Opportunities REIT, Inc.), Limited Partnership Agreement (Cohen & Steers Income Opportunities REIT, Inc.)

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Percentage Interests. If the number of outstanding Partnership -------------------- Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of outstanding Partnership Units outstanding after giving effect to such increase or decreaseUnits. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership's property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 2 contracts

Samples: Limited Partnership Agreement (Patriot American Hospitality Inc), Limited Partnership Agreement (Patriot American Hospitality Inc)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners' Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Apollo Realty Income Solutions, Inc.)

Percentage Interests. If the number of outstanding Limited Partnership Units increases or decreases during a taxable year, each Limited Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Limited Partnership Units held by such Limited Partner divided by the aggregate number of Limited Partnership Units outstanding after giving effect to such increase or decrease. If the Limited Partners' Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when of the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Western Properties Trust)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Partners Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Dakota Real Estate Investment Trust)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable yearYear, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.0l(g), the Profits and Losses for the taxable year Year in which the adjustment occurs shall be allocated between the part of the year Year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year Year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year Year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year Year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the Year shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (MPT of West Anaheim, LLC)

Percentage Interests. If the number of outstanding Partnership Common Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Common Units held by such Partner divided by the aggregate number of Partnership Common Units outstanding after giving effect to such increase or decrease. If the Partners’ Partner’s Percentage Interests are adjusted pursuant to during any Fiscal Year in compliance with the provisions of this Section 4.64.5, then Profits, Losses and all other items attributable to the Profits and Losses Percentage Interests for the taxable year in which the adjustment occurs such period shall be divided and allocated between the part of Partners by taking into account their varying interests during the year ending on period in accordance with Code Section 706(d), using any conventions permitted by the day when Code as selected by the adjustment occurs General Partner in its sole and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each partabsolute discretion. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Strawberry Fields REIT, Inc.)

Percentage Interests. If the number of outstanding Limited Partnership Units increases or decreases during a taxable year, each Limited Partner’s 's Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Limited Partnership Units held by such Limited Partner divided by the aggregate number of Limited Partnership Units outstanding after giving effect to such increase or decrease. If the Limited Partners' Percentage Interests are adjusted pursuant to this Section 4.64.05, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when of the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Western Investment Real Estate Trust)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.64.5, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when date of the adjustment occurs change and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the year shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (Griffin Capital Essential Asset REIT, Inc.)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable yearYear, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, 4.01(g) the Profits and Losses for the taxable year Year in which the adjustment occurs shall be allocated between the part of the year Year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year Year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year Year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year Year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the Year shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (MPT of West Anaheim, LLC)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable yearYear, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, 4.01(g). the Profits and Losses for the taxable year Year in which the adjustment occurs shall be allocated between the part of the year Year ending on the day when the adjustment occurs Partnership’s property is revalued by the General Partner and the part of the year beginning on the following day either (i) as if the taxable year Year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method shall be used to allocate Profits and Losses for the taxable year Year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year Year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part of the Year shall be based on the adjusted Percentage Interests.

Appears in 1 contract

Samples: Limited Partnership Agreement (MPT of West Anaheim, LLC)

Percentage Interests. If the number of outstanding Partnership Units increases or decreases during a taxable year, each Partner’s Percentage Interest shall be adjusted by the General Partner effective as of the effective date of each such increase or decrease to a percentage equal to the number of Partnership Units held by such Partner divided by the aggregate number of Partnership Units outstanding after giving effect to such increase or decrease. If the Partners’ Percentage Interests are adjusted pursuant to this Section 4.6, the Profits and Losses for the taxable year in which the adjustment occurs shall be allocated between the part of the year ending on the day when the adjustment occurs and the part of the year beginning on the following day either (i) as if the taxable year had ended on the date of the adjustment or (ii) based on the number of days in each part. The General Partner, in its sole and absolute discretion, shall determine which method (and which assumptions and conventions) shall be used to allocate Profits and Losses for the taxable year in which the adjustment occurs. The allocation of Profits and Losses for the earlier part of the year shall be based on the Percentage Interests before adjustment, and the allocation of Profits and Losses for the later part shall be based on the adjusted Percentage Interests, unless otherwise required under Section 706 of the Code and the Regulations thereunder.

Appears in 1 contract

Samples: Limited Partnership Agreement (Fortress Net Lease REIT)

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