Nature of Membership Interests. All Membership Interests issued pursuant to, and in accordance with the requirements of this Article V shall be fully paid and non-assessable Membership Interests, except as such non-assessability may be affected by Section 18-607 of the Act.
Nature of Membership Interests. Except for those rights expressly stated herein, a Member shall have an Economic Interest only in the Company, and, except as expressly set forth herein or as required by any provision of the Act that may not be waived by agreement, no Member shall have any right to vote on, consent to, or approve any action or transaction undertaken or approved by the Manager and shall have no other rights or powers of a “member” or holder of a “non-economic interest” in the Company pursuant to the Act. To the extent permitted by the Act, notwithstanding any showing that distributions under a charging order upon any economic interest of the Company will not pay the amount owed to the creditor within a reasonable time, no economic interest in the Company shall be subject to foreclosure.
Nature of Membership Interests. No right, title and interest of the Borrower in the Pledged Interests Issuers are represented by a certificate of interest or instrument, except such certificates or instruments, if any, as have been delivered to the Agent and are held in its possession, together with transfer documents as required in this Pledge Agreement (and the Borrower covenants and agrees that any such certificates or instruments hereafter received by the Borrower with respect to any of the Collateral will be held in trust for the Agent and promptly delivered to the Agent).
Nature of Membership Interests. A. Other than as set forth herein, no person acting on behalf of any Seller is authorized to make, and by execution hereof, LGS acknowledges that no person has made, any representation, agreement, statement, warranty, guarantee or promise regarding the Membership Interests except as may be expressly set forth in this Agreement. No representation, warranty, agreement, statement, guarantee or promise, if any, made by any person acting on behalf of any Seller which is not contained in this Agreement will be valid or binding on any Seller.
Nature of Membership Interests. Membership Interests in the Company shall be personal property for all purposes. All property owned by the Company, whether real or personal, tangible or intangible, shall be deemed to be owned by the Company as an entity. No Member, individually, shall have ownership of such property.
Nature of Membership Interests. An Interest is personal property. A Member has no rights in respect of or interest in specific property of the Company.
Nature of Membership Interests. A. Other than as set forth herein, no person acting on behalf of any Seller is authorized to make, and by execution hereof, USN Corp acknowledges that no person has made, any representation, agreement, statement, warranty, guarantee or promise regarding the Membership Interests except as may be expressly set forth in this Agreement. No representation, warranty, agreement, statement, guarantee or promise, if any, made by any person acting on behalf of any Seller which is not contained in this Agreement will be valid or binding on any Seller.
