Common use of Consequences of Pledge or Grant of Security Interest Clause in Contracts

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.

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.