REIT Rules definition

REIT Rules means the requirements (i) for the Trust to qualify as a real estate investment trust under the Code as set forth in Sections 856(a)(5) and 856(a)(6) of the Code and (ii) for the Corporation or any affiliate of the Corporation which is a tenant of the Trust to not be treated as a related party pursuant to Section 856(d)(2)(B) of the Code.
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REIT Rules shall have the meaning set forth in Section 5.1.26 hereof.
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REIT Rules means the requirements for qualification as a REIT under the Code and the Regulations.
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Examples of REIT Rules in a sentence

  • The Members agree that in the event that the Manager proposes to take any action (or cause the Company to take any action) to ensure the continued qualification of Inland Parent as a REIT or to avoid the imposition of additional taxes under the REIT Rules on Inland Parent, the Manager shall not have liability to any other Member for monetary damages or otherwise for losses sustained or liabilities incurred in connection with such actions.

  • Accordingly, and notwithstanding anything herein or in any other document governing the management and operation of the Property to the contrary, and for so long as GIPREIT continues to be so treated and so constitute a REIT, the Company shall be managed and operated as if itself is an entity subject to the REIT Rules even if such management and operation is, or could be or become, detrimental or adverse, financially, economically or otherwise, to the Company and/or any Member.

  • Cordish hereby covenants and agrees to have its representatives meet from time to time (at least quarterly) with representatives of Inland, at the reasonable request of Inland, to review the current status of the REIT Rules and applicable compliance and reporting obligations as they pertain to the operation of the Additional Properties.

  • The Members intend for the Company to follow the REIT Rules in order to qualify as a REIT and to maintain such status for the life of the Company, once such status is realized.

  • The Members intend that the Company always be operated as a corporation and in a manner consistent with its treatment REIT under the Code and REIT Rules for federal and state income tax purposes.

  • In order to comply with the REIT Rules and Borrower’s organizational documents, Borrower has entered into an Operating Lease with the Operating Tenant for the operation and maintenance of each of the Properties.

  • The Transfer does not violate any of the Code provisions applicable REITs or the REIT Rules; and vi.

  • If the Interim Tenant defaults in any manner (including by the commencement of voluntary or involuntary bankruptcy proceedings) and such Interim Tenant does not cure such default upon receipt of written notice thereof, Owner shall, within five (5) days of receipt of written notice thereof, (i) cause such default to be cured or (ii) terminate the lease agreement with the Interim Tenant and take possession of the Hotels in compliance with the REIT Rules (defined below).

  • In order to comply with the REIT Rules and Mortgage Borrower’s Organizational Documents, Mortgage Borrower has entered into an Operating Lease with the Operating Tenant for the operation and maintenance of each of the Properties.

  • In order to comply with the REIT Rules and Borrower’s organizational documents, Borrower has entered into an Operating Lease with the Operating Tenant for the operation and maintenance of each of the Property.


More Definitions of REIT Rules

REIT Rules means the rules under the Code, governing ownership limits and rules under the Code applicable to related party rents.
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REIT Rules means the requirements (i) for the Trust to qualify as a real estate investment trust under the Code as set forth in Sections 856(a)(5) and 856(a)(6) of the Code and (ii) for the Corporation or any affiliate of the Corporation which is a tenant
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REIT Rules means those provisions of the Code, Regulations and proposed regulations promulgated thereunder, any Revenue Rulings or Procedures issued by the Service and any administrative rulings or court decisions respecting the requirements and conditions of the qualification and taxation of REITs. (lll) "Regulations" or "Treas. Reg." means the regulations issued by the United States Department of the Treasury under the Code. (mmm) "Sale Notice" is defined in Article 11.9. (nnn) "Seller" is defined in Article 11.9. (ooo) "Special Purchase Right Upon Marital Dissolution" is defined in Article 10.5(a). (ppp) "Substitute Member" means a Person who acquires Units from a Member and who satisfies all of the applicable conditions set forth in this Agreement, including, but not limited to the applicable provisions set forth in Articles 11.3 and 11.5 hereof. (qqq) "Taxing Jurisdiction" means any federal, state, local or foreign government that collects tax, interest, and penalties, however designated, on any Member's share of income or gain attributable to the Company. (rrr) "Tax Matters Partner" is defined in Article 9.3(d). (sss) "Transfer" means, when used as a noun, any assignment, conveyance, disposition, sale, gift, or other transfer, and when used as a verb, to assign, convey, dispose of, gift, sell, or otherwise transfer, in each case, whether voluntarily or involuntarily, directly or indirectly. (ttt) "Unit" means the economic interest in the Company acquired by a Member or unit Holder representing the economic rights of a member or Unit Holder and the Member's or Unit Holder's permitted assignees and successors to share in the distributions of cash and other property from the Company pursuant to the Act and this Agreement, together with the Member's or Unit Holder's distributive share of the Company's Profits and Losses. (uuu) "Unit Holder" means a Person who owns Units of the Company but who is not a Member, including, except as otherwise provided herein, a Member who becomes a Withdrawn Member. (vvv) "Withdrawal Event" means the occurrence of any of the following events: a. A Member voluntarily withdraws from the Company; b. A Member does any of the following: i. Makes an assignment for the benefit of creditors; ii. Files an voluntary petition in bankruptcy; iii. Is adjudicated as bankrupt or insolvent; iv. Files a petition or answer seeking the Member's own reorganization, arrangement, composition, readjustment, liquidation, or similar relief under any statute, ...
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REIT Rules means those provisions of the Code, Regulations and proposed regulations promulgated thereunder, any Revenue Rulings or Procedures issued by the Service and any administrative rulings or court decisions respecting the requirements and conditions of the qualification and taxation of REITs.
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REIT Rules has the meaning set forth in Section 2.11 hereof.
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Related to REIT Rules

  • Partnership Audit Rules means Subchapter C of Chapter 63 of Subtitle F of the Code, as modified by Section 1101 of the Bipartisan Budget Act of 2015, Pub. L. No. 114-74, and any successor statutes thereto or the Treasury Regulations or other authoritative guidance promulgated thereunder.

  • BBA Partnership Audit Rules means Sections 6221 through 6241 of the Code, and any regulations promulgated or proposed under any such Sections and any administrative guidance with respect thereto.

  • SIFT Rules means the provisions of the Income Tax Act providing for a tax on certain income earned by a “SIFT trust” or “SIFT partnership” as those terms are defined in the Income Tax Act.

  • Partnership Tax Audit Rules means Sections 6221 through 6241 of the Code, as amended by the Bipartisan Budget Act of 2015, together with any guidance issued thereunder or successor provisions and any similar provision of state or local tax laws.

  • Market Rules means the rules made under section 32 of the Electricity Act;