Permitted Pledge. Any Member may at any time, without complying with Section 9.2 or 9.3, pledge all or part of its Units as security to a bona fide debt obligation of such Member, provided that the transferee is not a Prohibited Transferee (a “Permitted Pledge”).
Appears in 3 contracts
Sources: Subscription Agreement, Limited Liability Company Agreement (Celadon Group Inc), Subscription Agreement (Celadon Group Inc)