Common use of Transfers to Lenders Clause in Contracts

Transfers to Lenders. Notwithstanding any other provision of this Agreement to the contrary, no transfer of any Units or Participation Interest may be made to a lender to the Partnership or any person who is related (within the meaning of Regulations Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion, provided that as a condition to such consent being granted the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount or the REIT Shares Amount any Units or Participation Interest in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Code Section 752.

Transfers to Lenders. Notwithstanding any other provision of this Agreement to the contrary, no transfer of any Units or Participation Interest may be made to a lender to the Partnership or any person who is related (within the meaning of Regulations Regulation Section 1.752-4(b)) to any lender to the Partnership whose loan constitutes a Nonrecourse Liability, without the consent of the General Partner, which consent may be given or withheld by the General Partner in its sole and absolute discretion, provided that as a condition to such consent being granted the lender will be required to enter into an arrangement with the Partnership and the General Partner to exchange or redeem for the Cash Amount or the REIT Shares Amount any Units or Participation Interest in which a security interest is held simultaneously with the time at which such lender would be deemed to be a partner in the Partnership for purposes of allocating liabilities to such lender under Code Section 752.