PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, voting rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Agreement in favor of, any lender to the Company or an affiliate of the Company (or an agent on behalf of such lender) without any further consents, approvals or actions required by such lender (or agent), the Member, the Company or any other person under this Agreement or otherwise. So long as any such pledge of or security interest in the Member’s membership interest is in effect, no consent of the Company or the Member shall be required to permit a pledgee thereof to be substituted for the Member under this Agreement upon the exercise of such pledgee’s rights with respect to such membership interest. Notwithstanding anything contained herein to the contrary, and without complying with any other procedures set forth in this Agreement, upon the exercise of remedies in connection with a pledge or hypothecation, (a) the lender (or agent) or transferee of such lender (or agent), as the case may be, shall become a member under this Agreement and shall succeed to all of the rights and powers, including the right to participate in the management of the business and affairs of the Company, and shall be bound by all of the obligations, of a member under this Agreement without taking any further action on the part of such lender (or agent) or transferee, as the case may be, and (b) following such exercise of remedies, the pledging Member shall cease to be a member and shall have no further rights or powers under this Agreement. The execution and delivery of this Agreement by the Member shall constitute any necessary approval of such Member under the Law to the foregoing provisions of this Article 8. So long as any pledge of the Member’s membership interest is in effect, this provision shall inure to the benefit of such pledgee and its successors, assigns and designated agents, as an intended third party beneficiary, and no amendment, modification or waiver of, or consent with respect to this provision shall in any event be effective without the prior written consent of such pledgee. All of the foregoing shall be subject to the limitations and other provisions applicable to the exercise of remedies contained in each o...
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Limited Liability Company Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Limited Liability Company Agreement in favor of, any lender to the Company
PLEDGE OF MEMBERSHIP INTEREST. A Member shall only be allowed to pledge such Member’s Membership Interest upon the approval of the Board.
PLEDGE OF MEMBERSHIP INTEREST. The pledge of, or granting of, a security interest, lien, or other encumbrance in or against any or all of the Membership Interest of a Member shall not cause the Member to cease to be a Member or to grant to the person holding the pledge, security interest, lien or other encumbrance, or anyone else the power to exercise any rights or powers of a Member.
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Limited Liability Company Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Limited Liability Company Agreement in favor of, any lender to the Company or an affiliate of the Company (or an agent on behalf of such lender) without any further consents, approvals or actions required by such lender (or agent), the Member, the Company or any other person under this Limited Liability Company Agreement or otherwise. So long as any such pledge of or security interest in the Member’s membership interest is in effect, no consent of the Company or the Member shall be required to permit a pledgee thereof to be substituted for the Member under this Limited Liability Company
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding Section 7.1, a Member may pledge its Membership Interest to secure any indebtedness of the Company or its Subsidiaries that are owned at least 99.999% by the Company, provided that if a secured party under any such pledge enforces its rights against the Membership Interest of the Member, any assignment, transfer or other disposition of the Membership Interest to such secured party shall constitute a Transfer which is subject to Sections 7.1, 7.2 and 7.3.
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Operating Agreement, each Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security
PLEDGE OF MEMBERSHIP INTEREST. (a) Pledgor hereby pledges, assigns and delivers to Agent for the ratable benefit of Lenders and grants to Agent for the ratable benefit of Lenders a security interest in all of the Pledgor’s right, title and interest in and to the Membership Interest, together with all proceeds and substitutions thereof, all cash, certificates and other moneys and property paid thereon, all rights to subscribe for securities declared or granted in connection therewith, and all other cash and noncash proceeds of the foregoing (all hereinafter called the “Pledged Collateral”), as security for the prompt performance of all of the Obligations (the “Secured Indebtedness”), and Pledgor’s obligations hereunder.
PLEDGE OF MEMBERSHIP INTEREST. The Note shall be secured by a pledge of the Available Interest being purchased in the transaction to which the Note relates. The pledgeholder shall be either the Company's general counsel or, if such general counsel is unwilling or unable to act, such other third party as shall be agreed upon by the seller and purchaser, or purchasers, of the Available Interest. The Pledge Agreement shall contain such other terms and provisions as may be customary and reasonable. As long as no default occurs in payments on the Note, the purchasers shall be entitled to all Membership rights attached to the pledged Membership interest; provided, however, any cash distributions shall be paid to the holder of the Note as a prepayment of principal. The purchasers shall expressly waive demand, notice of default, and notice of sale, and shall consent to public or private sale of the pledged Membership Interest in the event of default; in mass or in lots at the option of the pledgeholder, and the seller shall have the right to purchase at the sale.
PLEDGE OF MEMBERSHIP INTEREST. The Member shall be permitted to assign, convey, exchange, pledge, grant, hypothecate, or transfer all or a portion of its membership interests pursuant to a written pledge agreement, security agreement, or other collateral documentation entered into by the member. Without limiting the foregoing, upon the sale, transfer, assignment, or other disposition of all or a portion of the Member’s membership interests pursuant to a valid exercise of a remedy by any pledgee in accordance with, and solely to the extent of the rights of such pledgee under, such pledge agreement, security agreement, or other collateral documentation entered into by the Member, the pledgee (or its designee) shall have the right (but not the obligation) to become a member hereunder and, solely to the extent of the Member’s pledge under such documentation, shall acquire all right, title, and interest of the Member, whether voting, economic, or otherwise and including all rights hereunder, and, solely to the extent of the Member’s pledge under such documentation, the Member shall be withdrawn and shall have no further right, title, or interest hereunder.
