Common use of Equity Pledge; Preferred Equity Clause in Contracts

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower or Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower Borrower, Operating Lessee or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower any Borrower, Property Owner or Joint Venture Owner shall be subject to a Lien in favor of any Person, or Borrower any such party or any holder of a direct or indirect interest in Borrower any such party shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permittedpermitted and shall not constitute a Default or Event of Default:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower any Obligor or Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower any Obligor, Operating Lessee or any holder of a direct or indirect interest in Borrower any Obligor or Operating Lessee shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower or Mortgage Borrower shall be subject to a Lien pledge in favor of any Person, or Borrower, Mortgage Borrower or any holder of a direct or indirect interest in Borrower or Mortgage Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); , except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower or any Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permittedpermitted and shall not constitute a Default or Event of Default:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from any Borrower or Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower any Borrower, Operating Lessee or any holder of a direct or indirect interest in any Borrower or Operating Lessee shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permittedpermitted without the consent or approval of Lender:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower or Operating Lessee shall be subject to a Lien in favor of any Person, or Borrower Borrower, Operating Lessee or any holder of a direct or indirect interest in Borrower or Operating Lessee shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien in favor of any PersonPerson (other than Lender), or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from any Borrower shall be subject to a Lien in favor of any Person, or Borrower any such party or any holder of a direct or indirect interest in Borrower any such party shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower or Property Owner shall be subject to a Lien in favor of any PersonPerson (other than Lender), or Borrower Borrower, Property Owner or any holder of a direct or indirect interest in Borrower or Property Owner shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); except that the following shall be permitted:

Equity Pledge; Preferred Equity. Any direct or indirect equity interest in or right to distributions from Borrower shall be subject to a Lien pledge in favor of any Person, or Borrower or any holder of a direct or indirect interest in Borrower shall issue preferred equity (or debt granting the holder thereof rights substantially similar to those generally associated with preferred equity); , except that the following shall be permitted: