PERMITTED TRANSFERS OF CERTAIN PASSIVE INTERESTS. Certain other transfers of direct or indirect interests in the Borrower (each, a “Qualified Passive Interest Transfer”). A Qualified Passive Interest Transfer is any transfer of a direct or indirect interest in the Borrower, if, following the transfer, (i) the Real Property remains under the Legal Control of the REIT; (ii) the REIT maintains Legal Control of the Borrower, and (iii) the Carveout Obligor meets the Net Worth Requirement.
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Samples: Credit Agreement, Angeles Partners X, Consolidated Capital Growth Fund
PERMITTED TRANSFERS OF CERTAIN PASSIVE INTERESTS. Certain other transfers of direct or indirect interests in the Borrower (each, a “Qualified Passive Interest Transfer”). A Qualified Passive Interest Transfer is any transfer of a direct or indirect interest in the Borrower, if, following the transfer, (i) the Real Property remains under the Legal Control of the REIT; (ii) the REIT maintains Legal Control of the Borrower, and (iii) the Carveout Obligor meets the Carveout Obligor Net Worth RequirementRequirement as defined in the Carveout Guarantee and Indemnity Agreement.
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