Common use of Exceptions Where No Gain Recognized Clause in Contracts

Exceptions Where No Gain Recognized. Notwithstanding the restriction set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to any Protected Partner with respect to any of the Units; provided, however, that:

Exceptions Where No Gain Recognized. Notwithstanding the restriction restrictions set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any an interest therein) if and to the extent that such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result (in the year of such disposition or in a later year within the Tax Protection Period) in the recognition of any taxable income or gain Protected Gain to any a Protected Partner with respect to any of the Units; provided, however, thatPartner. In further clarification thereof:

Exceptions Where No Gain Recognized. Notwithstanding the restriction restrictions set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any an interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result (in the year of such disposition or in a later year within the Tax Protection Period) in the recognition of any taxable income or gain Protected Gain to any a Protected Partner with respect to any of the Units; provided, however, thatPartner. In further clarification thereof:

Exceptions Where No Gain Recognized. Notwithstanding the restriction restrictions set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any an interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, that does not result (in the year of such disposition or in a later year) in the recognition of any taxable income or gain Protected Gain to any Protected Partner (or Indirect Owners) with respect to any of the OP Units; provided, however, that:.

Exceptions Where No Gain Recognized. Notwithstanding the restriction set forth in Section 2.1, the Partnership or any Subsidiary may dispose of any Protected Property (or any interest therein) if such disposition qualifies as a like-kind exchange under Section 1031 of the Code, or an involuntary conversion under Section 1033 of the Code, or other transaction (including, but not limited to, a contribution of property to any entity that qualifies for the non-recognition of gain under Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership with or into another entity that qualifies for taxation as a “"partnership” " for federal income tax purposes (a “"Successor Partnership”")) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to any Protected Partner with respect to any of the Units; provided, however, that:

Exceptions Where No Gain Recognized. Notwithstanding the restriction set forth in Section 2.1, the Partnership or any Subsidiary may dispose Dispose of any Protected Property (or any direct or indirect interest therein) if such disposition Disposition is (a) part of a transaction or series of transactions that qualifies as a like-kind exchange under Section 1031 of the Code, (b) part of a transaction or series of transactions that qualifies as an involuntary conversion under Section 1033 of the Code, or (c) such other transaction (transaction, or series of transactions, including, but not limited to, a contribution of property to any an entity that qualifies for the non-recognition of gain under either Section 721 or Section 351 of the Code, or a merger or consolidation of the Partnership (or a Subsidiary) with or into another entity that qualifies for taxation as a “partnership” for federal income tax purposes (a “Successor Partnership”)) that, as to each of the foregoing, does not result in the recognition of any taxable income or gain to any Protected Gain by a Protected Partner with respect to any of the Units; provided, however, that: