Common use of PB Permitted Transfers Clause in Contracts

PB Permitted Transfers. Notwithstanding the provisions of Section 8.1.1 above, without the consent of the Xxxxxxx Member, the PB Member may permit the Transfer of up to forty nine percent (49%) of the direct or indirect ownership interests in the PB Member to any Person provided that at all times PB REIT (i) beneficially owns, directly or indirectly at least fifty one percent (51%) of the ownership interests in the PB Member, and (ii) maintains actual and effective day to day control of the operations and management of the PB Member. For the avoidance of doubt, (a) no direct Membership Interest of the PB Member in the Company may be transferred without the Denihan Member’s prior written consent, which consent may be granted or withheld in the Xxxxxxx Member’s sole discretion and (b) nothing contained herein shall be deemed to restrict (i) the Transfer of the common shares of beneficial interest of PB REIT or such other class of equity securities of PB REIT as may be listed for trading on a national securities exchange or quotation system or (ii) the issuance by PB OP of operating partnership units in exchange for the contribution of property.

PB Permitted Transfers. Notwithstanding the provisions of Section 8.1.1 above, without the consent of the Xxxxxxx Member, the PB Member may permit the Transfer of up to forty nine percent (49%) of the direct or indirect ownership interests in the PB Member to any Person provided that at all times PB REIT (i) beneficially owns, directly or indirectly (i) at least fifty one percent (51%) of the ownership interests in the PB Member, and (ii) maintains actual and effective day to day control of the operations and management of the PB Member. For the avoidance of doubt, (a) no direct Membership Interest of the PB Member in the Company may be transferred without the Denihan Member’s prior written consent, which consent may be granted or withheld in the Xxxxxxx Member’s sole discretion and (b) nothing contained herein shall be deemed to restrict (i) the Transfer of the common shares of beneficial interest of PB REIT or such other class of equity securities of PB REIT as may be listed for trading on a national securities exchange or quotation system or (ii) the issuance by PB OP of operating partnership units in exchange for the contribution of property.