Common use of Restrictions on Transfer and Encumbrance Clause in Contracts

Restrictions on Transfer and Encumbrance. Except for a Transfer or a Permitted Assumption expressly permitted under this Article XI, the Borrower 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 Collateral, any Properties or any interest therein, or (ii) any direct or indirect ownership or beneficial interest in the Borrower or the Mortgage Borrowers, irrespective of the number of tiers of ownership, without Lender's consent.

Restrictions on Transfer and Encumbrance. Except for a Transfer or a Permitted Assumption expressly permitted under this Article XI, the Borrower 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 Collateral, any the Jekyll Island Property, the Properties or any interest therein, or (ii) any direct or indirect ownership or beneficial interest in the Borrower Borrowers or the Mortgage Borrowers, irrespective of the number of tiers of ownership, ownership without Lender's consent.

Restrictions on Transfer and Encumbrance. Except for a Transfer or a Permitted Assumption as expressly permitted under this Article XIXI and Leases entered into as permitted hereunder, the Borrower 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 Collateral, any Properties or any interest therein, or (ii) any direct or indirect ownership or beneficial interest in any Borrower, the Borrower Guarantor or the Mortgage BorrowersManager, irrespective of the number of tiers of ownership, ownership without Lender's consentconsent and receipt of a Rating Confirmation.