Permitted REIT Distribution definition

Permitted REIT Distribution means an amount equal to the minimum amount that Guarantor would be required to distribute to maintain status as a REIT and avoid the payment of any income or excise taxes imposed under Section 857 and 4981 of the Code, as determined by Guarantor in good faith and specified in the certificate delivered pursuant to Section 14(b)(iii) hereof.
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Permitted REIT Distribution means an amount equal to the minimum amount that Borrower would be required to distribute to maintain status as a REIT and avoid the payment of any income or excise taxes imposed under Section 857 and 4981 of the Code (determined as if the Borrower was a real estate investment trust under Sections 856 through 859 of the Code), as determined by the Loan Parties in good faith and specified in the Servicing Report delivered pursuant to Section 8.08(a) for the most recent Reporting Date.
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Permitted REIT Distribution has the meaning set forth in Section 5.1(d)(i). “Pledgor” means each Borrower Party or other person that grants a Lien on any Collateral in connection with this Credit Agreement. “Primary Obligors” means each Primary Obligor listed in Section 1. “Primary Obligations” means the aggregate outstanding principal amount of the Loans. “Recallable Capital” means any amount distributed to an Investor that may be recalled under the Fund Documents, and which has been set forth as “Recallable Capital” on an updated Borrowing Base Certificate provided to the Administrative Agent. “Required Lenders” means Lenders (excluding Defaulting Lenders) holding more than 50% of the outstanding Loans (excluding Loans held by Defaulting Lenders) on any date of determination. “REIT” means a real estate investment trust qualified as such under Sections 856 through 860 of the Internal Revenue Code and the regulations promulgated thereunder. “Side Letter” means each executed side letter that amends or supplements an Investor’s Subscription Document or other Operative Document of the Guarantor. “Subscription Document” means each executed subscription agreement (including all attachments) documenting an Investor’s interest in a Guarantor, each Side Letter, and documentation of each Investor transfer, repurchase or redemption. “Tax Distribution Notice” means a written notice setting forth, to the Administrative Agent’s reasonable satisfaction, the calculation of any Permitted REIT Distribution and certifying that such Borrower Party remains a REIT. “Term SOFR” means the 1 month forward-looking term SOFR rate published by CME Group (xxxxx://xxx.xxxxxxxx.xxx) two SIFMA trading days prior to each Interest Rate Reset Period.
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Examples of Permitted REIT Distribution in a sentence

  • Notwithstanding anything to the contrary in this Note or elsewhere in the Loan Documents, Maker shall have no right to receive Permitted REIT Distribution Cash Flow prior to Holder’s receipt of debt service, principal and any and all other amounts due under the Loan from and after the occurrence of any assumption of the Loan pursuant to Section 5.4 of the Deed of Trust.

  • On the date of any Permitted REIT Distribution, Guarantor shall deliver to Buyer a certificate signed by a responsible officer of Guarantor containing all information and calculations necessary, and taking into consideration such Permitted REIT Distribution, for determining compliance with clauses (i) and (ii) of this Article V(e).

  • Notwithstanding anything to the contrary in this Note or elsewhere in the Loan Documents, Maker shall have no right to receive Permitted REIT Distribution Cash Flow prior to Holder’s receipt of debt service, principal and any and all other amounts due under the Loan from and after the occurrence of any assumption of the Loan pursuant to Section 5.4 of the Deed to Secure Debt.

  • On the date of any Permitted REIT Distribution, Guarantor shall deliver to Purchaser a certificate signed by a responsible officer of Guarantor containing all information and calculations necessary, and taking into consideration such Permitted REIT Distribution, for determining compliance with clauses (i) and (ii) of this Article V(g).

  • The Borrower shall not make any Restricted Junior Payment or Permitted REIT Distribution, except as expressly permitted under Section 2.08.

  • Notwithstanding anything to the contrary in this Note or elsewhere in the Loan Documents, Maker shall have no right to receive Permitted REIT Distribution Cash Flow prior to Holder’s receipt of debt service, principal and any and all other amounts due under the Loan from and after the occurrence of any assumption of the Loan pursuant to Section 5.4 of any Lien Instrument.


More Definitions of Permitted REIT Distribution

Permitted REIT Distribution is a cash dividend by the Company equal to the amount calculated by the Company in good faith after reasonable diligence that would be necessary, if the Company itself were a real estate investment trust under the Code, to distribute to its equity holders with respect to any calendar year (whether during such year or after the end thereof) an amount equal to the "real estate investment trust taxable income" of the Company within the meaning of Code Section 857(b)(2), determined without regard to deductions for dividends paid and without regard to the exclusions in Code Section 857(b)(2)(C), (D), (E) and (F), but including therein all net capital gains and net recognized built-in gains within the meaning of Treasury Regulations Section 1.337(d)-6 or 1.337(d)-7 (whether or not such gains might otherwise be excluded or excludable therefrom), with such distributions to be made as and when determined by the Company, whether during or after the end of the year, if no Default or Event of Default shall have occurred and be continuing under clause (1), (2) or (5) under the definition of "Event of Default" above.
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Related to Permitted REIT Distribution

  • Qualified Reservist Distribution means a distribution (i) from an IRA or elective deferrals under a section 401(k) or 403(b) plan, or a similar arrangement, (ii) to an individual ordered or called to active duty after September 11, 2001 (because he or she is a member of a reserve component) for a period of more than 179 days or for an indefinite period, and (iii) made during the period beginning on the date of the order or call and ending at the close of the active duty period.

  • Capital Distribution means a payment made, liability incurred or other consideration given by a Company to any Person that is not a Company, (a) for the purchase, acquisition, redemption, repurchase, payment or retirement of any capital stock or other equity interest of such Company, or (b) as a dividend, return of capital or other distribution (other than any stock dividend, stock split or other equity distribution payable only in capital stock or other equity of such Company) in respect of such Company’s capital stock or other equity interest.

  • Permitted Distribution means any of the following:

  • Distributable Cash means net proceeds after any management fee and sufficient working capital and related reserves. The Series Margarita Friday 19 Manager shall evaluate Distributable Cash quarterly or at more frequent intervals, in its sole discretion. The amount of Distributable Cash shall be determined in the sole discretion of the Series Manager. Distributions of Distributable Cash to members of Series Margarita Friday 19, when made, will be allocated among them in proportion to their Membership Interests in the Series.

  • Final Distribution means any distribution made in redemption of all or a portion of the Up-MACRO Tradeable Shares pursuant to Section 5.2(b) on the earlier of the Final Scheduled Termination Date or an Early Termination Date.

  • qualifying interest means the aggregate interest, discount or original issue discount receivable by a resident individual in any year of income

  • Qualified distribution means a distribution from a Roth Elective Deferral Account after the Participant has satisfied a five year tax holding period and has attained age 59½, died, or become Disabled, in accordance with Code Section 402A(d). The five year tax holding period is the period of five consecutive taxable years that begins with the first day of the first taxable year in which the Participant makes a designated Roth Elective Deferral under the Plan or to another retirement plan which amount was directly rolled over to the Plan, and ends when five consecutive taxable years have been completed.

  • Initial Distribution means the distribution made to holders of Allowed Class C-4 Claims on the Distribution Date.