REIT Distributions. During any period while the Company has in effect an election to be treated as a REIT, the Company shall make at least the minimum distributions required to maintain such election in effect.
REIT Distributions. Notwithstanding anything to the contrary in this Agreement, the General Partner shall cause the Partnership to distribute amounts sufficient to enable the Apple REIT to pay its shareholders dividends that will allow the Apple REIT to (i) meet the distribution requirement for qualification as a REIT as set forth in Section 857(a)(1) of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code.
REIT Distributions. The General Partner shall use its best efforts to cause Operating Cash Flow and Capital Cash Flow to be distributed so as to allow the General Partner to satisfy the REIT Requirements and avoid imposition of any federal income or excise tax.
REIT Distributions. At the option of the General Partner, the Company shall take, and the General Partner is authorized to take, reasonable action which in the opinion of tax counsel selected by the General Partner and reasonably acceptable to NYSCRF, is necessary and consistent with the General Partner’s (or its Affiliate’s) qualification as a REIT, to distribute sufficient amounts pursuant to this ARTICLE V to enable the General Partner to pay shareholder dividends that will (i) enable the General Partner to satisfy the requirements for qualifying as a REIT under the Code and Regulations; and (ii) enable the General Partner (or its Affiliate that is a REIT) to avoid any material federal income or excise tax liability of the General Partner (or its Affiliate that is a REIT) as a result of its status as a REIT, assuming for purposes of this determination that the only items on the federal income tax return of the General Partner (or such Affiliate that is a REIT) are the items shown on its Schedule K-1 received from the Company and all cash distributions received from the Company (less a reasonable allowance for non-deductible administrative costs) have been paid as dividends to the shareholders of the General Partner on the day after such distributions are received from the Company. Any distribution made pursuant to this Section 5.05 shall be made to all Partners in accordance with ARTICLE V. In no event shall NYSCRF incur any cost or expense as a result of this Section 5.05.
REIT Distributions. During the term of the Loan, and after the Spinoff Transaction, Borrower and Sponsor shall undertake all reasonable and necessary actions to preserve Sponsor’s status as a REIT. In connection therewith, notwithstanding anything in this Agreement to the contrary, for each taxable year of Sponsor, Borrower and Sponsor shall utilize their respective sources of liquidity in the following order and priority to make any and all Required REIT Distributions and to pay all TRS Taxes and Puerto Rico Taxes:
REIT Distributions. Notwithstanding Sections 5.1 and 5.3, the General Partner shall cause the Partnership to distribute such amounts to the REIT Limited Partner as may be necessary in order for the REIT Limited Partner or CMCT to satisfy the requirements for qualifying as a REIT under the Code and Regulations (the “REIT Requirements”).
REIT Distributions. 26 8.7 Consent to Distributions ........................................ 26 8.8 Liquidating Distributions ....................................... 26 8.9
REIT Distributions. At the option of the Managing Member, the Company shall take (and shall cause the Operating Partnership and the Affiliated Companies to take), and the Managing Member is authorized to take, reasonable action which in the opinion of tax counsel selected by the Managing Member is necessary and consistent with the Managing Member’s (or its Affiliate’s) qualification as a REIT, to distribute pro rata to the Members in proportion to their respective Percentage Interests sufficient amounts pursuant to this ARTICLE VI to enable the Managing Member (or its Affiliate that is a REIT) to pay shareholder dividends that will (i) enable the Managing Member (or its Affiliate that is a REIT) to satisfy the requirements for qualifying as a REIT under the Code and Regulations; and (ii) enable the Managing Member (or its Affiliate that is a REIT) to avoid any material federal income or excise tax liability of the Managing Member (or its Affiliate that is a REIT) as a result of its status as a REIT, assuming for purposes of this determination that the only items on the federal income tax return of the Managing Member (or such Affiliate that is a REIT) are the items shown on its Schedule K-1 received from the Company and all cash distributions received from the Company (less a reasonable allowance for non-deductible administrative costs) have been paid as dividends to the shareholders of the Managing Member on the day after such distributions are received from the Company.
REIT Distributions. Notwithstanding anything to the contrary in this Agreement, the General Partner shall cause the Partnership to distribute amounts sufficient to enable the Cornerstone REIT to pay its shareholders dividends that will allow the Cornerstone REIT to (i) meet the distribution requirement for qualification as a REIT as set forth in Section 857(a)(1) of the Code and (ii) avoid any federal income or excise tax liability imposed by the Code.
REIT Distributions. Notwithstanding anything to the contrary in this Partnership Agreement, the General Partner shall cause the Partnership to distribute amounts sufficient to enable CAC-REIT to pay dividends to shareholders so that CAC-REIT will (a) meet the distribution requirements for qualification as a REIT as set forth in Section 857(a)(i) of the Code; and (b) avoid any Federal income or excise tax liability imposed by the Code.
