Unit Partners definition
Examples of Unit Partners in a sentence
In the event that the Surviving Partnership takes any such action during such 5- year period, the Surviving Partnership shall indemnify and save harmless the Unit Partners from and against any federal and state income tax liability, including but not limited to: (i) income taxes suffered as a result of all payments made under this subsection; and (ii) interest, penalties and the reasonable fees of attorneys and accountants.
The Surviving Partnership represents that the Schedule K-1 submitted to Unit Partners for use in the preparation of their tax returns will reflect the allocation to Unit Partners as partners of a share of non-recourse liabilities in accordance with Reg.
In the event that the Capital Account balance of more than one OP Common Unit Partner is disproportionate to such OP Common Unit Partner's Percentage Interest, the largest such relative disproportion shall be cured first, until it is equal, on a relative basis, to the next largest such disproportion, and so on, to the extent Net Income or Net Loss (or items thereof) are available.
When issued pursuant to this Agreement, the OP Units to be issued to the Unit Partners will have been duly authorized, validly issued, fully paid and non-assessable.
To the extent that such final Capital Account balances would not so reflect the provisions of this Exhibit B, income and loss of the Partnership for the current year and future years, as computed for book purposes, shall be allocated among the OP Preferred Unit Partners and the OP Common Unit Partners so as to result in final Capital Account balances reflecting the provisions of this Exhibit B.
At the end of such ten (10) year period or earlier period as provided in Section 8(d), Home Properties shall cooperate with each Unit Partner by providing each Unit Partner with the right to execute an agreement obligating such Unit Partner to restore any portion of a deficit balance in such Unit Partner's capital account and/or provide the opportunity to each Unit Partner to enter into a "bottom-tier guaranty" with respect to the debt of the Home Properties.
Except as otherwise provided in Section 7.3B, this Exhibit B and any OP Unit Designation, Net Income (or items thereof) for any fiscal year or other applicable period shall be allocated to the OP Common Unit Partners in accordance with their respective Percentage Interests.
In the event that the actual information updated pursuant to this Section 34(e) is materially different from the estimated information and would impose an obligation to Home Properties to allocate additional debt to the Unit Partners, then, the obligation of Home Properties contained in Section 8(d) shall be based on and limited to the information contained within Schedule 3.
During this period Home Properties shall monitor the Capital Account Deficit of the Unit Partners to fulfill the obligations of the immediately preceding paragraph.
Except as otherwise provided in this Exhibit B, Net Loss (or items thereof) of the Partnership for each fiscal year or other applicable period shall be allocated to the OP Common Unit Partners in accordance with the OP Common Unit Partners' respective Percentage Interests.