Common use of REIT Distributions Clause in Contracts

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. At the option of the General Partner, the The Company shall take, and the General Partner Board of Managers is authorized to take, reasonable action which in the opinion of tax counsel selected by the General Partner and reasonably acceptable to NYSCRFREIT Member, is necessary and consistent with the General PartnerREIT Member’s (or its Affiliate’s's) qualification as a REIT, to distribute sufficient amounts pursuant to this ARTICLE V Article IV to enable the General Partner REIT Member (or its Affiliate) to pay shareholder dividends that will (i) enable the General Partner REIT Member (or its Affiliate) to satisfy the requirements for qualifying as a REIT under the Code and Regulations; and (ii) enable the General Partner REIT Member (or its Affiliate that is a REIT) to avoid any material federal Federal income or excise tax liability of the General Partner REIT 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 Federal income tax return of the General Partner REIT 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 owners of the General Partner REIT Member on the day after such distributions are received from the Company. Any distribution made pursuant to this Section 5.05 4.3 shall be made to all Partners Members in accordance with ARTICLE V. In no event shall NYSCRF incur any cost or expense as a result of this Section 5.054.1(a).