Pledged Units Sample Clauses
The "Pledged Units" clause defines the specific ownership interests or units in a company that are being pledged as collateral for a loan or obligation. In practice, this clause identifies the exact number and class of units subject to the pledge, ensuring that both parties are clear on what is being used as security. For example, it may specify that 100 Class B units of a limited liability company are pledged to the lender. The core function of this clause is to clearly delineate the collateral, thereby reducing ambiguity and protecting the interests of both the pledgor and the secured party.
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Pledged Units. The indemnity obligations of the ▇▇▇▇▇▇ Parties under this Article 7 shall be satisfied by any BPLP Indemnified Party in all cases first against Units pledged or other collateral provided under Section 7.8 below. In the event that notwithstanding such requirement, for any reason an indemnification claim is paid by any ▇▇▇▇▇▇ Party Indemnitor under Section 7.2 hereof (whether by judgment, arbitration award, settlement or otherwise) to any BPLP Indemnified Party then BPLP shall release Units or other collateral, if applicable, from the pledge under Section 7.8 having a value equal to the amount so paid.
Pledged Units. Subject to Section 10.1 above and the limits on minimum transfers and total maximum ownership set forth in Section 4.3 of this Agreement, in the event that any Member pledges or otherwise encumbers any part of its Units as security for the payment of a debt, any such pledge or hypothecation shall be made pursuant to a pledge or hypothecation agreement that requires the pledgee or secured party to be bound by all of the terms and conditions of this Article X. In the event such pledgee or secured party becomes a Member hereunder pursuant to the exercise of such party’s rights under such pledge or hypothecation agreement, such pledgee or secured party shall be bound by all of the terms and conditions of this Agreement. In such case, such pledgee or secured party, and any transferee or purchaser of the Units held by such pledgee or secured party, shall not have any voting rights associated with such Units unless and until the Directors have approved in writing and admitted as a Member hereunder, such pledgee, secured party, transferee or purchaser of such Units.
Pledged Units. Managing Member of the Down REIT Sub. All of the Pledged Units are validly issued and non-assessable. The identity of the registered owners, the total number of Pledged Units and the corresponding Certificates evidencing ownership thereof are accurately set forth on Exhibit A attached hereto. No security interest in the Pledged Units has been registered on the records of the Down REIT Sub (or its transfer agent). HCPI is the sole Managing Member of the Down REIT Sub and owns the only Managing Member Units thereof.