Common use of Transfers of Property Clause in Contracts

Transfers of Property. Provided the conditions set forth in subsection (d)(v) below are met, the Transfer of the Property and the Other Properties then owned by Borrower to any one entity in which Flagler Development Company, a Florida corporation, or Florida East Coast Industries, Inc., a Florida corporation, the parent of Borrower ("FECI"), shall own, directly or indirectly, at least fifty-one percent (51%) of the equity interest and retain management control shall be permitted without the necessity of obtaining Lender's consent. A processing fee of $10,000 for each Loan then outstanding shall be required.

Transfers of Property. Provided the conditions set forth in subsection (d)(v) below are met, the Transfer of the Property and the Other Properties then owned by the Borrower to any one entity in which Flagler Development Company, a Florida corporation, or Florida East Coast Industries, Inc., a Florida corporation, the parent of Borrower corporation ("“FECI"”), shall own, directly or indirectly, at least fifty-one percent (51%) of the equity interest and retain management control shall be permitted without the necessity of obtaining Lender's ’s consent. A processing fee of $10,000 for each Loan then outstanding shall be required.

Transfers of Property. Provided the conditions set forth in subsection (d)(v) below are met, the Transfer of the Property and the Other Properties then owned by the Borrower to any one entity in which Flagler Development Company, a Florida corporation, or Florida East Coast Industries, Inc., a Florida corporation, the parent of Borrower ("“FECI"”), shall own, directly or indirectly, at least fifty-one percent (51%) of the equity interest and retain management control shall be permitted without the necessity of obtaining Lender's ’s consent. A processing fee of $10,000 for each Loan then outstanding shall be required.