Pledge of Company Interests by HF Member Sample Clauses

Pledge of Company Interests by HF Member. In the event that any Loan is refinanced resulting in an Unrecovered Contribution Difference, then in order to secure the prompt payment in full in cash, and the prompt and full performance, of the obligations of the HF Member under Section 6.4(c) and Section 6.8, the HF Member will then pledge to the Skechers Member and grant to the Skechers Member a security interest in and to all of the HF Member’s Company Interests, whether then existing or thereafter arising (the “Collateral”). The security interest and pledge created hereby shall continue in effect so long as any obligation is owed to the Skechers Member under Section 6.4(c) and Section 6.8. The agreements in this paragraph are a continuing and irrevocable agreement of the HF Member. The Skechers Member may (and is hereby authorized to) file with any filing office such financing statements, amendments, addenda, continuations, terminations, assignments and other records (whether or not executed by HF Member) as the Skechers Member may deem necessary in its sole discretion to perfect and to maintain perfected its security interests in the Collateral. Such documents may designate the Skechers Member as the secured party and the HF Member as the debtor, identify the Skechers Member security interest in the Collateral, and contain any other items required by law or deemed necessary by the Skechers Member. Upon the occurrence of a breach by the HF Member of its obligations under Section 6.4(c) and Section 6.8 (each an “HF Default”), at the option of the Skechers Member, exercisable by giving written notice to the HF Member of its election to exercise this option, all rights of the HF Member to exercise the voting and other consensual rights which it would otherwise be entitled to exercise with respect to the Company Interests shall cease, and all such rights shall thereupon become vested in the Skechers Member who shall have the sole right to exercise such voting and other consensual rights. Furthermore, upon the occurrence of an HF Default, the Skechers Member may pursue any remedy available under this Agreement or at law (including under the provisions of the Uniform Commercial Code) or in equity to collect, enforce or satisfy any of the obligations then owing under this Agreement, whether by acceleration or otherwise, all of which remedies may be pursued by the Skechers Member separately, successively or simultaneously, and at the sole option of and in the sole discretion of the Skechers Member, includi...