Limitation on Certain Issuances and Transfers. The Issuer shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any Equity Interests of the Issuer or permit the issuance or transfer of any other interest in the Issuer that may be treated as equity of the Issuer if after giving effect thereto the sum of (a) the aggregate maximum number of beneficial holders and beneficial owners for all Series and Classes of Tax Restricted Notes (including the Tax Restricted Notes to be issued), (b) the number of beneficial holders of Equity Interests of the Issuer and (c) the number of beneficial holders of other interests that may be treated as equity of the Issuer (all as determined for purposes of Treasury regulation 1.7704-1(h)), would exceed 90.
Limitation on Certain Issuances and Transfers. The Issuers shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any limited liability company interests of the Issuers or permit the issuance or transfer of any other interest in the Issuers that may be treated as equity of the Issuers if after giving effect thereto the sum of (a) the aggregate maximum number of beneficial holders for all Series and Classes of Tax Restricted Notes (including the Tax Restricted Notes to be issued), (b) the number of beneficial holders of limited liability company interests of the Issuers and (c) the number of beneficial holders of other interests that may be treated as equity of the Issuers, would exceed 90. Any transfer made by any Issuer in violation of the foregoing sentence shall be void ab initio. For the avoidance of doubt, nothing in this agreement shall prohibit or restrict the sale, transfer, assignment or other disposition of all or any part of, or the issuance of, any limited liability company or other interest in the member of any Guarantor or in any Person which directly or indirectly owns any limited liability company or other interest in the member of any Guarantor. For purposes of this Section 7.32, the number of Persons considered beneficial holders of interests in an Issuer shall be the number of Persons that would be considered partners in such Issuer with respect to such interests under the principles of Treasury Regulation Section 1.7704-1(h) if such interests in such Issuer were treated as equity of such Issuer.
Limitation on Certain Issuances and Transfers. The Co-Issuers shall not issue any Series of Tax Restricted Notes, permit the issuance or transfer of any Equity Interests of the Co-Issuers or permit the issuance or transfer of any other interest in the Co-Issuers that may be treated as equity of the Co-Issuers if after giving effect thereto the sum of (a) the aggregate maximum number of beneficial holders and beneficial owners for all Series and Classes of Tax Restricted Notes (including the Tax Restricted Notes to be issued), (b) the number of beneficial holders of Equity Interests of the Co-Issuers and (c) the number of beneficial holders of other interests that may be treated as equity of the Co-Issuers (all as determined for purposes of Treasury Regulations Section 1.7704-1(h)), would exceed 90.
Limitation on Certain Issuances and Transfers. The Issuer shall not issue any Series of Tax Restricted Notes, permit the issuance or Transfer of any Equity Interests of the Issuer or permit the issuance or Transfer of any other interest in the Issuer that is or may be treated as equity of the Issuer if after giving effect thereto the sum of (a) the aggregate maximum number of Persons with an Ownership Interest in all Series and Classes of Tax Restricted Notes (including the Tax Restricted Notes to be issued), (b) the number of Persons with an Ownership Interest in Equity Interests of the Issuer and (c) the number of Persons with an Ownership Interest in any interest that may be treated as equity of the Issuer (all as determined for purposes of Treasury Regulation Section 1.7704-1(h)), would exceed ninety (90).
