Common use of Security Pledge Clause in Contracts

Security Pledge. As security for the full and punctual payment and performance of the Manager’s and/or the Company’s obligations under this Agreement, the Senior Loan, the Loan Documents and/or such other related documents thereto, as applicable, the Common Member, by execution of this Agreement, hereby pledges to Norhart Invest, a continuing first priority lien on and security interest in all of the Common Units and/or other ownership interests in Company, and all rights in and to each, held by the Common Member (collectively, the “Pledged Collateral”), and in the event of a default by the Common Member pursuant to this SECTION 5.1(a)(iv), the Common Member shall assist with and take all reasonable actions, including, but not limited to, providing Norhart Invest with any documentation related to such Pledged Collateral, necessary for Norhart Invest to perfect its interest in the Pledged Collateral in accordance with the Uniform Commercial Code (such pledge, the “Common Member Pledge”).