Common use of Restrictions on Transfer and Encumbrance Clause in Contracts

Restrictions on Transfer and Encumbrance. Except as expressly permitted under this Article XI, transfers of Properties among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are necessary to continue Lender's first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Properties or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.23(A) or 5.24(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor or Manager, irrespective of the number of tiers of ownership without Lender's consent and receipt of a Rating Confirmation.

Restrictions on Transfer and Encumbrance. Except as expressly permitted under this Article XI, transfers of Properties Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are necessary to continue Lender's ’s first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Properties Sites or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.23(A) 5.9 or 5.24(A5.21(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor or ManagerParent Guarantor, irrespective of the number of tiers of ownership without Lender's ’s consent and receipt of a Rating ConfirmationAgency Confirmation (which Rating Agency Confirmation may not be deemed satisfied pursuant to Section 11.13 of the Trust Agreement).

Restrictions on Transfer and Encumbrance. Except as expressly permitted under this Article XI, transfers of Properties Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are necessary to continue Lender's ’s first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Properties Sites or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.23(A5.21(A) or 5.24(A5.22(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor or ManagerSBA Holdings, irrespective of the number of tiers of ownership without Lender's ’s consent and receipt of a Rating Agency Confirmation.

Restrictions on Transfer and Encumbrance. Except as expressly permitted under this Article XI, transfers of Properties Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with such transfer as are necessary to continue Lender's ’s first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Properties Sites or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.23(A) 5.9 or 5.24(A5.21(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor or ManagerParent Guarantor, irrespective of the number of tiers of ownership without Lender's ’s consent and receipt of a Rating Agency Confirmation.

Restrictions on Transfer and Encumbrance. Except as expressly permitted under this Article XI, transfers of Properties Sites among the Borrowers (provided that appropriate amendments to the Loan Documents are delivered in connection with any such transfer as are necessary to continue the Lender's ’s first priority perfected security interest in the Collateral), and Leases entered into as permitted hereunder, the Borrowers shall not cause or suffer to occur or exist, directly or indirectly, voluntarily or involuntarily, by operation of law or otherwise, any sale, transfer, mortgage, pledge, Lien or encumbrance (other than the Permitted Encumbrances) of (i) all or any part of the Properties Sites or any interest therein (except in connection with a termination permitted pursuant to Section 5.9, 5.23(A5.21(A) or 5.24(A5.22(A)), or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Guarantor Guarantor, SBA Holdings or Managerany Additional Guarantor, irrespective of the number of tiers of ownership without the Lender's ’s consent and receipt of a Rating Agency Confirmation.