Right to Pledge. Every Membership Interest may be pledged to secure any borrowing of a Member or its Affiliate, provided that any Person acquiring such Membership Interest pursuant to such pledge shall not have the right to be admitted as a Member but shall be entitled only to receive such allocations and distributions as are otherwise payable with respect to such Member’s Membership Interest under this Agreement.
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Samples: Operating Agreement, Operating Agreement (155 East Tropicana, LLC), Operating Agreement (Tercentenary Holdings, Corp.)
Right to Pledge. Every Membership Interest may be pledged to secure any borrowing of a Member or its Affiliate, provided that any Person acquiring such Membership Interest pursuant to such pledge shall not have the right to be admitted as a Member but shall be entitled only to receive such allocations and distributions as are otherwise payable with respect to such Member’s 's Membership Interest under this Agreement.
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Right to Pledge. Every Membership Interest may be pledged to secure any borrowing of a Member or its Affiliate, provided provided, however, that any Person acquiring such Membership Interest pursuant to such pledge shall not have the right to be admitted as a Member Member, but shall be entitled only to receive such allocations and distributions as are otherwise payable with respect to such Member’s 's Membership Interest under this Agreement, unless such pledge is for the purpose of securing borrowings for the Company in which case there shall be no restrictions except as provided in Section 9.1.
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