Common use of Prohibited Encumbrances Clause in Contracts

Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage or deed of trust).

Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate Affiliate, or (iii) enter into or be subject to any agreement governing any Indebtedness which constitutes a Negative Pledge (other than (a) restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage or deed of trust), (b) Permitted Negative Pledges.

Prohibited Encumbrances. The Borrower agrees that neither the Borrower nor any other member of the Consolidated Group shall (i) create a Lien against any Project other than a single first-priority mortgage or deed of trust, (ii) create a Lien on any Capital Stock or other ownership interests in any member of the Consolidated Group or any Investment Affiliate or (iii) enter into or be subject to any - 50 - agreement governing any Indebtedness which constitutes a Negative Pledge (other than restrictions on further subordinate Liens on Projects already encumbered by a first-priority mortgage or deed of trust).