Encumbrance. A Member can encumber his LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.
Appears in 43 contracts
Sources: Operating Agreement, Operating Agreement, Operating Agreement
Encumbrance. A Member can encumber his LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds theproceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.
Appears in 1 contract
Sources: Operating Agreement
Encumbrance. A Member member can encumber his its LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.
Appears in 1 contract
Sources: Operating Agreement (Videolocity International Inc)