Membership/Partnership Interests. Elect to treat or permit any of its Subsidiaries to (x) treat its limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of Uniform Commercial Code or (y) certificate its limited liability company membership interests or partnership interests, as the case may be.
Membership/Partnership Interests. Designate and shall cause all of their Subsidiaries to designate (a) their limited liability company membership interests or partnership interests as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and Section 8-103 of Article 8 of the Uniform Commercial Code, and (b) certificate such limited liability company membership interests and partnership interests, as applicable.
Membership/Partnership Interests. (a) Designate or treat their limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of the Uniform Commercial Code or in the PPSA, as applicable, or (b) certificate their limited liability membership interests or partnership interests, as applicable.
Membership/Partnership Interests. Each Borrower will not, and will not permit any of its Subsidiaries to, designate or permit any of their Subsidiaries to (a) treat their limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of the Uniform Commercial Code or (b) certificate their limited liability membership interests or partnership interests, as applicable.
Membership/Partnership Interests. Each Specified Loan Party will not, and will not permit any of its Subsidiaries to, designate or permit any of their Subsidiaries to (a) treat their limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of the Uniform Commercial Code or (b) certificate their limited liability membership interests or partnership interests, as applicable.
Membership/Partnership Interests. Designate and cause all of its Subsidiaries that are limited liability companies or partnerships and are the issuers of any Subsidiary Equity Interest to designate (a) their limited liability company membership interests or partnership interests as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and Section 8-103 of Article 8 of the Uniform Commercial Code, and (b) certificate such limited liability company membership interests and partnership interests, as applicable, and deliver to Agent all original certificates evidencing such Equity Interests, together with transfer powers executed in blank.
Membership/Partnership Interests. Unless consented to by Agent (and all actions, filings and deliveries necessary and desirable in the Permitted Discretion of Agent to perfect Agent’s first priority security interest have been completed to Agent’s reasonable satisfaction) and except with respect to Subsidiaries existing on the Closing Date with respect to which Agent has received all original certificates evidencing the Equity Interests of such Subsidiaries, elect to treat or permit any of its Subsidiaries to (x) treat its limited liability company Equity Interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of Uniform Commercial Code or (y) certificate its limited liability company Equity Interests or partnership interests, as the case may be.
Membership/Partnership Interests. No Loan Party shall, nor shall it permit any Subsidiary to, elect to (x) treat its limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of UCC or (y) certificate its limited liability company membership interests or partnership interests, as the case may be.
Membership/Partnership Interests. Unless consented to by Agent (and all actions, filings and deliveries necessary and desirable in the Permitted Discretion of Agent to perfect Agent’s first priority security interest (subject to any Permitted Encumbrances) have been completed to Agent’s reasonable satisfaction) and except with respect to Subsidiaries existing on the Closing Date with respect to which Agent has received all original certificates evidencing the Equity Interests of such Subsidiaries, elect to treat or permit any of its Domestic Subsidiaries to (a) treat its limited liability company Equity Interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of Uniform Commercial Code or (b) certificate its limited liability company Equity Interests or partnership interests, as the case may be. To the extent that any of the operating agreements, limited partnership agreements or other agreements governing any Equity Interests of any Credit Party’s Subsidiaries, or any law applicable thereto, contains any restrictions on the transfer of such Equity Interests, each Credit Party who owns such Equity Interests and each Credit Party who has issued such Equity Interests hereby (x) consents to the transfer of such Equity Interests by Agent to any Person in connection with any exercise of Agent’s remedies pursuant to the terms of this Agreement or any Other Document and (y) consents to any such transferee being admitted as a member or limited partner of such limited liability company or limited partnership (as applicable) with all of the rights of the Credit Party originally owning such Equity Interests.
Membership/Partnership Interests. On the Closing Date with respect to Subsidiaries existing on the Closing Date, and promptly with respect to Subsidiaries formed or acquired subsequent to the Closing Date, deliver the certificates, if any, representing any limited liability company membership interests or partnership interests of any Subsidiary that has elected to treat its limited liability company membership interests or partnership interests, as the case may be, as securities as contemplated by the definition of “security” in Section 8-102(15) and by Section 8-103 of Article 8 of Uniform Commercial Code, or to the extent such “securities” are not certificated, perform all actions to provide Administrative Agent with “control” of such “securities”.
