Consequences of Pledge or Grant of Security Interest. The pledge or granting of a security interest, lien or other encumbrance in or against any or all of a Membership Interest or an Economic Interest is subject to the consent required in Section 8.1 above and shall not cause the Member to cease to be a Member or to grant anyone else the power to exercise any rights or powers of a Member.
Appears in 4 contracts
Samples: Limited Liability Company Operating Agreement (Tarrant Apparel Group), Limited Liability Company Operating Agreement (Tarrant Apparel Group), Limited Liability Company Operating Agreement (Tarrant Apparel Group)
Consequences of Pledge or Grant of Security Interest. The pledge or granting of a security interest, lien or other encumbrance in or against any or all of the Interest of a Membership Interest or an Economic Interest is subject to the consent required in Section 8.1 above and Member shall not cause the Member to cease to be a Member or to grant anyone else the power to exercise any rights or powers of a Member.
Appears in 3 contracts
Samples: Operating Agreement (Chosen, LLC), Operating Agreement (Chosen, LLC), Operating Agreement (Chosen, LLC)
