REIT Restrictions. Each Affiliated REIT is a REIT and is subject to the provisions of Sections 856 through and including 860 of the Code. So long as an Affiliated REIT owns, directly or indirectly, any interest in the Partnership, then notwithstanding any other provision of this Agreement:
REIT Restrictions. Contributor acknowledges that the Partnership Units are subject to restrictions on beneficial and constructive ownership and transfer for the purpose of GIPREIT’s election and maintenance of its intended status as a REIT under the Internal Revenue Code of 1986, as amended. Subject to certain further restrictions and except as expressly provided in GIPREIT’s charter, (i) no person may beneficially or constructively own shares of GIPREIT’s common stock in excess of 9.8% (in value or number of shares) of the outstanding shares of common stock of the REIT unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (ii) no person may beneficially or constructively own shares of capital stock of GIPREIT in excess of 9.8% of the value of the total outstanding shares of capital stock of GIPREIT, unless such person is an excepted holder (in which case the excepted holder limit shall be applicable); (iii) no person may beneficially or constructively own capital stock that would result in GIPREIT being “closely held” under section 856(h) of the Internal Revenue Code or otherwise cause GIPREIT to fail to qualify as a real estate investment trust; and (iv) no person may transfer shares of capital stock if such transfer would result in the capital stock of GIPREIT being owned by fewer than 100 persons.
REIT Restrictions. Until the REIT is liquidated and/or dissolved, no Transfer of any Units will be valid if such Transfer would be in violation of any of the real estate investment trust related restrictions and limitations set forth in Article VII of the REIT's charter. For purposes of this Section 6.2, all references to shares of stock in the charter of the REIT shall be deemed to refer to Units.
REIT Restrictions. In the event that shares of Stock deposited with the Depositary are, pursuant to the Certificate of Incorporation, automatically exchanged for Excess Shares, such Excess Shares shall remain on deposit with the Depositary, as agent for the trustee of the trust described in Section [5(e)(I) of Article IV] of the Certificate of Incorporation. Notwithstanding any other provision of this Agreement, such Excess Shares, and the related Depositary Shares and Receipts, shall be subject to the provisions of the Certificate of Incorporation, including, without limitation, the limitations on dividends and voting rights described therein. In the event that Excess Shares, an interest in which is represented by a Depositary Share, are, pursuant to the Certificate of Incorporation, automatically exchanged for shares of Stock, such shares of Stock shall remain on deposit with the Depositary and such Depositary Share shall represent an interest in such shares of Stock. Holders of Depositary Shares representing an interest in Excess Shares who receive amounts from the Depositary in violation of the provisions of the Certificate of Incorporation shall repay such amounts to the Depositary and the Depositary shall pay over any amounts so received to the Company.
REIT Restrictions. The Borrower covenants and agrees to cause the REIT to comply with the following: the REIT will at all times (a) be the sole general partner of the Borrower, (b) own not less than fifty-one percent (51%) of the partnership interests in the Borrower, and in any event the largest percentage interest of any partner in the Borrower and (c) be responsible for making all major and day-to-day operational and management decisions to be made by the Borrower in the conduct of its business. Without the prior written consent of Administrative Agent, the REIT shall not own any assets other than its interest in the Borrower as a general partner and a limited partner, cash, Short-term Investments and the property described on Schedule 6.31 hereto.
REIT Restrictions. The Company (and any direct or indirect Subsidiary, if any, of the Company) may not engage in any activities or hold any assets that would constitute or result in the occurrence of a REIT Prohibited Transaction Notwithstanding anything to the contrary contained in this Agreement, but subject to the Special Purpose Provisions, during the time a REIT Member is a member of the Company, neither the Company, nor any direct or indirect Subsidiary of the Company, nor any member of the Company shall take or refrain from taking any action which, or the effect of which, would constitute or result in the occurrence of a REIT Prohibited Transaction by the Company or any direct or indirect Subsidiary thereof, including, without limiting the generality of the foregoing, but in amplification thereof:
REIT Restrictions. NHP/PMB’s Controlling Principal is a real estate investment trust (“REIT”) and is subject to the provisions of Code Sections 856 through and including Code Section 860.
REIT Restrictions. (a) Each of CBL REIT and the Affiliated REIT is a REIT and is subject to the requirements set forth in Sections 856 through and including 860 of the Code (the “REIT Requirements”). So long as one or both of CBL REIT and the Affiliated REIT owns, directly or indirectly, any interest in the Company, then notwithstanding any other provision of this Agreement other than paragraph (b) of this Section 6.9 the Company shall, and with respect to the Affiliated REIT solely for its benefit as a third party beneficiary provide that;
REIT Restrictions. The AIMCO REIT Entity has elected to be subject to tax as a real estate investment trust (a "REIT") within the meaning of Sections 856 through 860 of the Code. So long as the AIMCO REIT Entity owns, directly or indirectly, any interest in the Company, then notwithstanding any other provision of this Agreement:
REIT Restrictions. Notwithstanding anything herein to the contrary, the General Partner may not, without the consent of Limited Partners owning a majority of the Percentage Interests, take any action, directly or indirectly, in any manner, that would result in a violation of Section 6.8 of the Newkirk Associates Agreement, as amended, substituting "the Partnershix" xxx "the Company" in each place in said Section in which the words "the Company" appears.
