Encumbrances of Membership Interests. A Member may not pledge, mortgage, subject to a security interest or lien, or otherwise encumber (voluntarily, involuntarily, or by operation of law) all or any portion of its Membership Interest without the consent of the Managers and a Majority Interest, calculated without reference to the Member desiring to make such encumbrance.
Encumbrances of Membership Interests. A Member may not pledge, mortgage, subject to a security interest or lien, or otherwise encumber (voluntarily, involuntarily or by operation of law) all or any portion of his or her Membership Interest without the consent of the Manager, which shall not be unreasonably withheld. As a condition of the consent by the Manager, the Manager may reasonably require undertakings from the Member desiring to pledge, mortgage, subject to a security interest or lien, or otherwise encumber his or her interest and from the Person to whom the pledge, mortgage, security interest, lien or other encumbrance is to be granted to the effect that such Person will acquire such pledge, mortgage, security interest, lien or other encumbrance subject to the terms of this Agreement. Furthermore, the Manager may, in any event, may require that the Member provide a legal opinion from counsel acceptable to the Manager that the proposed pledge, mortgage, security interest, lien or other encumbrance will be subject to the terms of this Agreement.
Encumbrances of Membership Interests. A Member may Encumber its Membership Interest in favor of any creditor of such Member or any of its Affiliates (or in favor of a collateral agent on behalf of one or more creditors of such Member or any of its Affiliates) as security for the indebtedness of such Member or any of its Affiliates, provided that any Disposition upon foreclosure of such Encumbrance (or Disposition in lieu of such foreclosure) must comply with the applicable requirements of Section 11.4 and Section 11.6. Any such Encumbrance, and any Disposition upon foreclosure of such Encumbrance (or Disposition in lieu of such foreclosure) that complies with such requirements, shall be a permitted Disposition hereunder.
Encumbrances of Membership Interests. Except as provided in Section 4.4 of this Agreement, a Member may not pledge, mortgage, subject to a security interest or lien, or otherwise encumber (voluntarily, involuntarily or by operation of Law) all or any portion of its Membership Interest without the prior written consent of the other Member.
