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.
Appears in 4 contracts
Samples: Loan and Security Agreement (PHI Group, Inc./De), Security Agreement (PHI Group, Inc./De), Security Agreement (PHI Group, Inc./De)
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.. [PHI Group] Revolving Credit, Term Loan and Security Agreement
Appears in 2 contracts
Samples: Loan and Security Agreement (PHI Group, Inc./De), Loan and Security Agreement (PHI Group, Inc./De)
