PERMITTED TRANSFERS OF CERTAIN PASSIVE INTERESTS. Certain other transfers of direct or indirect interests in the Borrower (each, a “Qualified Passive Interest Transfer”). A Qualified Passive Interest Transfer is any transfer of a direct or indirect interest in the Borrower, if, following the transfer, (i) the Real Property remains under the Legal Control of the REIT; (ii) the REIT maintains Legal Control of the Borrower, and (iii) the Carveout Obligor meets the Net Worth Requirement.
Appears in 4 contracts
Samples: Deed of Trust, Security Agreement and Fixture Filing, Future Advance Mortgage (Angeles Partners X), Deed of Trust, Security Agreement and Fixture Filing (Consolidated Capital Growth Fund)
PERMITTED TRANSFERS OF CERTAIN PASSIVE INTERESTS. Certain other transfers of direct or indirect interests in the Borrower (each, a “Qualified Passive Interest Transfer”). A Qualified Passive Interest Transfer is any transfer of a direct or indirect interest in the Borrower, if, following the transfer, (i) the Real Property remains under the Legal Control of the REIT; (ii) the REIT maintains Legal Control of the Borrower, and (iii) the Carveout Obligor meets the Carveout Obligor Net Worth RequirementRequirement as defined in the Carveout Guarantee and Indemnity Agreement.
Appears in 1 contract
Samples: Future Advance Mortgage (Oxford Residential Properties I LTD Partnership)
