REIT Distribution Requirements. The General Partner shall use commercially reasonable efforts to cause the Partnership to distribute amounts sufficient to enable Summit REIT to pay distributions to its stockholders that will allow Summit REIT to (i) meet its distribution requirement for qualification as a REIT as set forth in Section 857 of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code, other than to the extent Summit REIT elects to retain and pay income tax on its net capital gain.
Appears in 4 contracts
Samples: Limited Partnership Agreement (Summit Hotel Properties, Inc.), Limited Partnership Agreement (Summit Hotel Properties, Inc.), Limited Partnership Agreement (Summit Hotel Properties, Inc.)
