DE Property Transaction definition
DE Property Transaction means any Property Transaction in which (i) a Property Entity or a Development Entity would be merged with Purchaser OP or an Affiliate of Purchaser OP, (ii) such Property Entity or Development Entity is properly classified as a disregarded entity for federal income tax purposes, and (iii) the partners or members of such Property Entity or Development Entity or its parent entity are to receive Purchaser OP Units and Cash Consideration in connection with the aforementioned merger. For purposes hereof, “DE Entity” means any Property Entity or Development Entity that would engage in a DE Property Transaction hereunder but for Section 2.12(b). For purposes hereof, “DE Contribution Transactions” means each of the Property Transactions in which (i) pursuant to the applicable Plan of Merger a Property Entity or a Development Entity is merged with Purchaser OP or an Affiliate of Purchaser OP, (ii) such Property Entity or Development Entity is properly classified as a disregarded entity for federal income tax purposes immediately prior to the Effective Time set forth in the applicable Plan of Merger, and (iii) the partners or members of such Property Entity or Development Entity or its parent entity receive only Purchaser OP Units (and no Cash Consideration) in connection with the aforementioned merger. For purposes hereof, “DE Contributor Entity” means any Property Entity or Development Entity that engages in a DE Property Transaction hereunder.