Protected Units definition
Protected Units means any of the following:
Protected Units means the Partnership Units held, directly or indirectly, by the Protected Partner.
Protected Units means (1) solely those OP Units or Series A Preferred OP Units issued on the Closing Date and held by a Protected Partner and (2) any OP Units or Series A Preferred OP Units thereafter issued by the Operating Partnership to Protected Partners in exchange for Protected Units held by Protected Partners in a transaction in which the transferee’s adjusted basis in the issued OP Units or Series A Preferred OP Units is determined, in whole or in part, by reference to the transferee’s basis in Protected Units. Notwithstanding the foregoing, a Protected Unit shall cease to constitute a Protected Unit upon (1) the death of the Protected Partner holding such Protected Unit and such death results in a step-up in the tax basis such Protected Unit or (2) the sale, exchange, transfer or other disposition of such Protected Unit (other than any sale or exchange transaction in which the transferee’s basis is determined, in whole or in part, by reference to the adjusted basis of the transferor). In addition, upon the death of any Indirect Owner in a Protected Partner (if such death results in a step-up in the tax basis in such Protected Units), or upon an Indirect Owner’s sale, exchange, transfer or other disposition of some or all of such Indirect Owner’s equity interest in a Protected Partner (other than any sale or exchange transaction in which the transferee’s basis is determined, in whole or in part, by reference to the adjusted basis of the transferor Indirect Owner), the Protected Units treated as held by such Protected Partner shall be reduced such that the Protected Units held by such Protected Partner shall equal the Protected Units that would have been held by the Indirect Owners in the aggregate, following such event, had the Indirect Owners directly received Protected Units in the Formation Transactions and the Indirect Owner had either directly transferred a portion of such Protected Units or died holding such Protected Units (if such death results in a step-up in the tax basis such Protected Units and taking into account all prior transactions involving the death of an Indirect Owner in such Protected Partner or the sale, exchange, transfer or other disposition of an Indirect Owner’s equity interest in such Protected Partner (other than a sale or exchange transaction in which the transferee’s basis is determined in whole or in part by reference to the adjusted basis of the transferor Indirect Owner)).
Examples of Protected Units in a sentence
Each Protected Partner and Obligated Partner, hereby covenants and agrees to provide, on its own behalf or through its legal representatives, GGP Partnership with prompt written notice of any transfer of Protected Units or the death of such Protected Partner or Obligated Partner.
Each Protected Partner hereby covenants and agrees to provide, on its own behalf or through its legal representatives, the Partnership with written notice of any change in the direct or indirect ownership of Protected Units (including, but not limited to, the death of such Protected Partner or any Indirect Owner thereof) promptly after any such change in ownership.
This Agreement may not be amended, directly or indirectly (including by reason of a merger between Vornado OP and another entity) except by a written instrument signed by Vornado, as general partner of Vornado OP, and approved by (i) the SCR Partners holding seventy-six percent (76%) of the then outstanding Protected Units and (ii) if any of Robert H.
The parties agree to cooperate to structure any such transaction as non-taxable and to provide the protections available in this Agreement directly to the member or members receiving Protected Units.
Private companies usually support work integration programmes by buying goods and services from WISE organisations that are certified as Authorised Protected Units, and very often they offer financial support and sponsorships for WISEs that cannot have financial stability and provide educational integration programmes at the same time without legislative exemptions.
More Definitions of Protected Units
Protected Units means solely those GGP Partnership Units issued in the Partnership Merger and held by Protected Partners and any GGP Partnership Units thereafter issued by GGP Partnership in exchange for Protected Units in a transaction in which the transferee's adjusted basis in the issued GGP Partnership Units is determined, in whole or in part, by reference, to the transferee's basis in Protected Units. Notwithstanding the foregoing, a Protected Unit shall cease to constitute a Protected Unit on the death of the Protected Partner holding such Protected Unit. In addition, upon the death of any Indirect Owner in such Protected Partner, or upon an Indirect Owner's sale or exchange of some or all of such Indirect Owner's equity interest in a Protected Partner (other than any sale or exchange transaction in which the transferee's basis is determined, in whole or in part, by reference to the adjusted basis of the transferor Indirect Owner), the Protected Units treated as held by such Protected Partner shall be reduced such that the Protected Units held by such Protected Partner shall equal the Protected Units that would have been held by the Indirect Owners in the aggregate, following such event, had the Indirect Owners directly received Protected Units in the Partnership Merger and the Indirect Owner had either directly transferred a portion of such Protected Units or died holding such Protected Units (taking into account all prior transactions involving the death of an Indirect Owner in such Protected Partner or the sale or exchange of an Indirect Owner's equity interest in such Protected Partner (other than a sale or exchange transaction in which the transferee's basis is determined in whole or in part by reference to the adjusted basis of the transferor Indirect Owner)).
Protected Units means (1) solely those Series T Preferred Units issued on the date of the execution of this Amendment and held by a Protected Partner and (2) any Partnership Units thereafter issued by the Partnership to Protected Partners in exchange for Protected Units held by Protected Partners in a transaction in which the transferee’s adjusted basis in the issued Partnership Units is determined, in whole or in part, by reference to the transferee’s basis in Protected Units. Notwithstanding the foregoing, a Protected Unit shall cease to constitute a Protected Unit upon (1) the death of the Protected Partner holding such Protected Unit and such death results in a step-up in the tax basis such Protected Unit or (2) the sale, exchange, transfer or other disposition of such Protected Unit (other than any sale or exchange transaction in which the transferee’s basis is determined, in whole or in part, by reference to the adjusted basis of the transferor). In addition, upon the death of any Indirect Owner in a Protected Partner (if such death results in a step-up in the tax basis in such Protected Units), or upon an Indirect Owner’s sale, exchange, transfer or other disposition of some or all of such Indirect Owner’s equity interest in a Protected Partner (other than any sale or exchange transaction in which the transferee’s basis is determined, in whole or in part, by reference to the adjusted basis of the transferor Indirect Owner), the Protected Units treated as held by such Protected Partner shall be reduced such that the Protected Units held by such Protected Partner shall equal the Protected Units that would have been held by the Indirect Owners in the aggregate, following such event, had the Indirect Owners directly received Protected Units in the Contribution and the Indirect Owner had either directly transferred a portion of such Protected Units or died holding such Protected Units (if such death results in a step-up in the tax basis such Protected Units and taking into account all prior transactions involving the death of an Indirect Owner in such Protected Partner or the sale, exchange, transfer or other disposition of an Indirect Owner’s equity interest in such Protected Partner (other than a sale or exchange transaction in which the transferee’s basis is determined in whole or in part by reference to the adjusted basis of the transferor Indirect Owner)).
Protected Units. Means those Vornado OP Units issued to the SCR Unitholders in connection with the Merger, or any partnership interests in Vornado OP (or any other entity that is treated as a partnership for federal income tax purposes) thereafter issued by Vornado OP to the SCR Unitholders in exchange for such Protected Units or with respect to such Protected Units. The term Protected Units shall not include any other Vornado OP Units hereafter acquired by an SCR Unitholder, whether from Vornado OP (except as described in the immediately preceding sentence) or otherwise.
Protected Units. Means only those PREIT OP Units issued to Crown Partnership in the Merger Transactions, or any PREIT OP Units thereafter issued by PREIT Partnership to the Crown Partnership or any other Contributors in exchange for such Protected Units or solely with respect to such Protected Units or pursuant to the exercise of an option pursuant to which PREIT Partnership acquires limited partnership interests in CFLP and WCALP from Crown Partnership as set forth in the Crown Contribution Agreement. The term Protected Units shall not include any other PREIT OP Units hereafter acquired by a Contributor, whether from PREIT Partnership or otherwise.
Protected Units means, with respect to a Company, Class B Units of the Company issued in the Formation Transactions and any interests in the Company thereafter issued by any Company in exchange for or solely with respect to Protected Units.
Protected Units. Means only those Partnership Units issued to the Sale Restriction Partners in the Spie▇▇▇ ▇▇▇ger, or any Partnership Units thereafter issued by the Partnership to the Sale Restriction Partners in exchange for such Protected Units or solely with respect to such Protected Units. The term Protected Units shall not include any other Units hereafter acquired by a Sale Restriction Partner, whether from the Partnership or otherwise.
Protected Units means (1) the Partnership Units issued in the Contribution to Contributor, and (2) any Partnership Units thereafter issued by Partnership to Contributor in exchange for Protected Units held by Contributor in a transaction in which Contributor’s adjusted basis, as determined for federal income tax purposes, in the newly issued Partnership Units is determined, in whole or in part, by reference to Contributor’s adjusted basis, as determined for federal income tax purposes, in the Protected Units exchanged. A Protected Unit shall cease to constitute a Protected Unit upon any other sale, exchange, transfer or other disposition of such Protected Unit.