OPERATING PARTNERSHIP INTEREST definition
OPERATING PARTNERSHIP INTEREST means an ownership interest in the Operating Partnership held by either a Limited Partner or the General Partner and includes any and all benefits to which the holder of such an Operating Partnership Interest may be entitled as provided in this Agreement, together with all obligations of such Person to comply with the terms and provisions of this Agreement.
OPERATING PARTNERSHIP INTEREST means the 98.99% partnership interest of the Fund in an Operating Partnership. "Partner" means any General Partner or Limited Partner. "Partnership Interest Options" means those agreements pursuant to which the Fund will acquire, subject to raising sufficient proceeds of this Offering, Operating Partnership Interests in respect of Facility I and Facility II. "Person" means any individual or Entity. "Preferred Return" means the cumulative, non-compounded annual return equal to 10. 125% of the Adjusted Capital Balance of each Investor commencing on the earlier of (i) the final closing for the sale of Units or (ii) June 30, 1988. At the time of a Sale or Refinancing, if any portion of the Preferred Return of an Investor has not been paid from Net Cash Flow, such unpaid portion will be added to the Investor's priority distribution from the Net Proceeds of Sale or Refinancing, all as more fully set forth in Article IV. "Profit" or "Loss" means, for each fiscal year or other period, an amount equal to the Fund's taxable income or loss for such year or period, with the following adjustments: (i) Any income of the Fund that is exempt from federal income tax shall be added to such taxable income or loss; (ii) Any expenditures of the Fund described in Section 705(a)(2)(B) of the Code, or treated as Section 705(a)(2)(B) of the Code expenditures pursuant to Income Tax Reg. ss.1.704-1(b)(2)(iv)(i), shall be subtracted from such taxable income or loss; and (iii) In lieu of the depreciation, amortization and other cost recovery deductions taken into account in computing such taxable income or loss, an amount equal to the depreciation, amortization, or other cost recovery deduction allowable with respect to an asset for such year or other period for federal income tax purposes shall be taken into account, except that if the fair market value on the date that the asset is contributed to the Fund (or if the basis of such asset for book purposes is adjusted under the Income Tax Regulations, such adjusted book basis) differs from its adjusted basis for federal income tax purposes at the beginning of such year or other period, the depreciation, amortization and other cost recovery deductions taken into account shall be equal to an amount which bears the same ratio to such beginning fair market value (or adjusted book basis) as the federal income tax depreciation, amortization, or other cost recovery deduction for such year or other period bears to such beginning adjusted tax b...
OPERATING PARTNERSHIP INTEREST means the limited partnership interest of the Partnership in an Operating Partnership.
More Definitions of OPERATING PARTNERSHIP INTEREST
OPERATING PARTNERSHIP INTEREST means the entire interest of an Intermediate Partnership in an Operating Partnership, including the right of such Intermediate Partnership to any and all benefits to which such Intermediate Partnership may be entitled as provided in an Operating Partnership Agreement and the obligation of such Intermediate Partnership to comply with the terms of such Operating Partnership Agreement.
OPERATING PARTNERSHIP INTEREST means the 98.99% partnership interest of the Fund in an Operating Partnership.
OPERATING PARTNERSHIP INTEREST. The Partnership’s general partnership interest in the Operating Partnership.
OPERATING PARTNERSHIP INTEREST means, collectively, all Direct Operating Partnership Interests and all Indirect Operating Partnership Interests.