Common use of Certain Transfers Permitted Clause in Contracts

Certain Transfers Permitted. Notwithstanding Section 8.1.1 and subject in all events to Section 8.2, each Member may allow the Transfer of ownership interests in such Member or in the partners, members or shareholders thereof, as follows: (a) in the case of the TWC Member, any Transfer of direct or indirect ownership interests in the TWC Member, if (i) such Transfer (x) is for estate planning purposes, including the events that implement the estate plan, or (y) is among the holders of direct or indirect interests in the TWC Member as of the date hereof, or (z) involves the direct or indirect ownership interest in SP Spring Hotel LLC (“SP Member”) or the direct or indirect ownership interest of SP Member in TWC Member, to any Person; provided that following such Transfer ▇▇▇▇ ▇▇▇▇▇ and/or ▇▇▇▇▇ ▇▇▇▇▇▇▇ shall continue to control SP Member (or in the case of a direct Transfer of SP Member’s ownership interest in TWC Member, the relevant transferee), and (ii) following such Transfer, at least one of the TWC Principals continue to Control the TWC Member,. (b) in the case of the Condor Member, any Transfer of direct or indirect ownership interests in the Condor Member, if such Transfer (i) is to an Affiliate of the Condor Member, or (ii) involves the common stock or preferred stock of Condor Hospitality Trust, Inc. or the general or limited partnership interests in Supertel Limited Partnership. Notwithstanding anything to the contrary in this Article 8 or elsewhere in this Agreement, there are no restrictions in this Agreement in any manner on the sale or other transfer of stock or any other interest in Condor Hospitality Trust, Inc., direct or indirect, or the general or limited partnership interests in Supertel Limited Partnership, direct or indirect, but at all times subject to the provisions of the Loan Documents and any Franchise Agreement in effect at the time.

Certain Transfers Permitted. Notwithstanding Section 8.1.1 and subject in all events to Section 8.2, each Member may allow the Transfer of ownership interests in such Member or in the partners, members or shareholders thereof, as follows: (a) in the case of the TWC Member, any Transfer of direct or indirect ownership interests in the TWC Member, if (i) such Transfer (x) is for estate planning purposes, including the events that implement the estate plan, or (y) is among the holders of direct or indirect interests in the TWC Member as of the date hereof, or (z) involves the direct or indirect ownership interest in SP Spring Hotel LLC (“SP Member”) or the direct or indirect ownership interest of SP Member in TWC Member, to any Person; provided that following such Transfer ▇▇▇▇ ▇▇▇▇▇ and/or ▇▇▇▇▇ ▇▇▇▇▇▇▇ shall continue to control SP Member (or in the case of a direct Transfer of SP Member’s ownership interest in TWC Member, the relevant transferee), and (ii) following such Transfer, at least one of the TWC Principals continue to Control the TWC Member,. (b) in the case of the Condor Member, any Transfer of direct or indirect ownership interests in the Condor Member, if such Transfer (i) is to an Affiliate of the Condor Member, or (ii) involves the common stock or preferred stock of Condor Hospitality Trust, Inc. or the general or limited partnership interests in Supertel Limited Partnership. Notwithstanding anything to the contrary in this Article 8 or elsewhere in this Agreement, there are no restrictions in this Agreement in any manner on the sale or other transfer of stock or any other interest in Condor Hospitality Trust, Inc., direct or indirect, or the general or limited partnership interests in Supertel Limited Partnership, direct or indirect, but at all times subject to the provisions of the Loan Documents and any Franchise Agreement in effect at the time.