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Common use of Encumbrance Clause in Contracts

Encumbrance. A Member can encumber his LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.

Appears in 33 contracts

Samples: Operating Agreement, Operating Agreement, Operating Agreement

Encumbrance. A Member can encumber his LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds theproceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.

Appears in 1 contract

Samples: Operating Agreement

Encumbrance. A Member member can encumber his its LLC interest by a security interest or other form of collateral only with the consent of a majority of the other Members. Such consent shall only be given if the proceeds of the encumbrance are contributed to the LLC to respond to a cash call of the LLC.

Appears in 1 contract

Samples: Operating Agreement (Videolocity International Inc)