Common use of The Required Lenders Clause in Contracts

The Required Lenders. None of the Borrower, nor any Borrower Party, nor any Principal shall (w) directly or indirectly Transfer any interest in any Project or any part thereof (including any direct or indirect interest in any partnership, membership or other ownership interest or other Equity Interest in the Borrower, the Borrower’s Member or the Borrower’s Manager); (x) directly or indirectly grant any Lien on any direct or, prior to the Permitted Public REIT Transfer, indirect interest in any Project or any part thereof (including any direct or, prior to the Permitted Public REIT Transfer, indirect interest in any partnership, membership or other ownership interest or other Equity Interest in the Borrower, the Borrower’s Member or the Borrower’s Manager), whether voluntarily or involuntarily; (y) except for arrangements which result from the Permitted Reorganization pursuant to which the Permitted Public REIT or its Operating Partnership or another Permitted Public REIT Subsidiary thereof shall acquire such rights or powers, enter into any arrangement granting any direct or indirect right or power to direct the operations, decisions and affairs of the Borrower, the Borrower’s Member or the Borrower’s Manager, whether through the ability to exercise voting power, by contract or otherwise; or (z) except as described in clause (e) of the definition of “Permitted Liens,” enter into any easement or other agreement granting rights in or restricting the use or development of any Project except for easements and other agreements which, in the reasonable opinion of the Administrative Agent, have no Material Adverse Effect; provided, however, that, the foregoing restrictions shall not apply with respect to: