Common use of REIT Requirements Clause in Contracts

REIT Requirements. Notwithstanding the provisions of Section 2.3 hereof or any other provision of this Agreement, the Partnership shall not engage in any act or activity that the General Partner determines (i) could adversely affect the ability of LTC to continue to qualify as a REIT, (ii) could subject LTC to any additional tax under Section 857 or Section 4981 of the Code or other potentially adverse consequence under the Code, (iii) could otherwise violate the REIT Requirements, or (iv) could violate any law or regulation of any governmental body or agency having jurisdiction over LTC or its securities, unless such act or activity shall have been specifically consented to by the General Partner in writing. Nothing in this Section 2.4 shall, however, waive or in any way limit the Partnership's obligation pursuant to subsection 5.1(a) hereof to distribute to the Limited Partners with respect to each Distribution Period cash in an aggregate amount equal to the Preferred Return for that Distribution Period.

REIT Requirements. Notwithstanding the provisions of Section 2.3 hereof or any other provision of this Agreement, the Partnership shall not engage in any act or activity that the General Partner determines (i) could adversely affect the ability of LTC to continue to qualify as a REIT, (ii) could subject LTC to any additional tax under Section 857 or Section 4981 of the Code or other potentially adverse consequence under the Code, (iii) could otherwise violate the REIT Requirements, or (iv) could violate any law or regulation of any governmental body or agency having jurisdiction over LTC or its securities, unless such act or activity shall have been specifically consented to by the General Partner in writing. Nothing in this Section 2.4 shall, however, waive or in any way limit the Partnership's obligation pursuant to subsection 5.1(a5.1 (a) hereof to distribute to the Limited Partners with respect to each Distribution Period cash in an aggregate amount equal to the Preferred Return for that Distribution Period.

REIT Requirements. Notwithstanding the provisions of Section 2.3 hereof or any other provision of this Agreement, the Partnership shall not engage in any act or activity that the General Partner determines (i) could adversely affect the ability of LTC to continue to qualify as a REIT, (ii) could subject LTC to any additional tax under Section 857 or Section 4981 of the Code or other potentially adverse consequence under the Code, (iii) could otherwise violate the REIT Requirements, or (iv) could violate any law or regulation of any governmental body or agency having jurisdiction over LTC or its securities, unless such act or activity shall have been specifically consented to by the General Partner in writing. Nothing in this Section 2.4 shall, however, waive or in any way limit the Partnership's obligation pursuant to subsection 5.1(a5.1 (a) hereof to distribute to the Limited Partners Partner(s) with respect to each Distribution Period cash in an aggregate amount equal to the Preferred Return for that Distribution Period.