PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, voting rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Agreement in favor of, any lender to the Company or an affiliate of the Company (or an agent on behalf of such lender) without any further consents, approvals or actions required by such lender (or agent), the Member, the Company or any other person under this Agreement or otherwise. So long as any such pledge of or security interest in the Member’s membership interest is in effect, no consent of the Company or the Member shall be required to permit a pledgee thereof to be substituted for the Member under this Agreement upon the exercise of such pledgee’s rights with respect to such membership interest. Notwithstanding anything contained herein to the contrary, and without complying with any other procedures set forth in this Agreement, upon the exercise of remedies in connection with a pledge or hypothecation, (a) the lender (or agent) or transferee of such lender (or agent), as the case may be, shall become a member under this Agreement and shall succeed to all of the rights and powers, including the right to participate in the management of the business and affairs of the Company, and shall be bound by all of the obligations, of a member under this Agreement without taking any further action on the part of such lender (or agent) or transferee, as the case may be, and (b) following such exercise of remedies, the pledging Member shall cease to be a member and shall have no further rights or powers under this Agreement. The execution and delivery of this Agreement by the Member shall constitute any necessary approval of such Member under the Law to the foregoing provisions of this Article 8. So long as any pledge of the Member’s membership interest is in effect, this provision shall inure to the benefit of such pledgee and its successors, assigns and designated agents, as an intended third party beneficiary, and no amendment, modification or waiver of, or consent with respect to this provision shall in any event be effective without the prior written consent of such pledgee. All of the foregoing shall be subject to the limitations and other provisions applicable to the exercise of remedies contained in each o...
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Limited Liability Company Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Limited Liability Company Agreement in favor of, any lender to the Company
PLEDGE OF MEMBERSHIP INTEREST. A Member shall only be allowed to pledge such Member’s Membership Interest upon the approval of the Board.
PLEDGE OF MEMBERSHIP INTEREST. The pledge of, or granting of, a security interest, lien, or other encumbrance in or against any or all of the Membership Interest of a Member shall not cause the Member to cease to be a Member or to grant to the person holding the pledge, security interest, lien or other encumbrance, or anyone else the power to exercise any rights or powers of a Member.
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Limited Liability Company Agreement, the Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security interest in its membership interest and all of its right, title and interest under this Limited Liability Company Agreement in favor of, any lender to the Company or an affiliate of the Company (or an agent on behalf of such lender) without any further consents, approvals or actions required by such lender (or agent), the Member, the Company or any other person under this Limited Liability Company Agreement or otherwise. So long as any such pledge of or security interest in the Member’s membership interest is in effect, no consent of the Company or the Member shall be required to permit a pledgee thereof to be substituted for the Member under this Limited Liability Company
PLEDGE OF MEMBERSHIP INTEREST. No Membership Interest may be pledged, hypothecated or otherwise voluntarily encumbered unless the following procedures are followed:
PLEDGE OF MEMBERSHIP INTEREST. Pledge to any Person its membership interest in the Company.
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding Section 6.1, the Member may pledge its Membership Interest to secure any indebtedness of the Company that is permitted under the Insight Midwest Partnership Agreement, provided that if a secured party under any such pledge enforces its rights against the Membership Interest of the Member, any assignment, transfer or other disposition of the Membership Interest to such secured party shall constitute a Transfer which is subject to Sections 6.1, 6.2 and 6.3.
PLEDGE OF MEMBERSHIP INTEREST. To secure, among other things, the payment and performance of the obligations of Ispat Inland, L.P., a Delaware limited partnership (the "Borrower"), to Credit Suisse First Boston as issuing bank and as administrative agent and collateral agent ("CSFB") for itself and certain other financial institutions (the "Lenders") from time to time party to that certain Credit Agreement which is to be entered into and dated as of July -, 1998 among CSFB, the Lenders and the Borrower (as amended from time to time, the "Credit Agreement"), each member will pledge 100% of its interest in the Company (the interests of members in the Company are hereinafter collectively referred to as the "Membership Interests") to CSFB, for the benefit of itself and the Lenders. Said pledge is hereby authorized by the Undersigned Member, the Management Committee, and the Company. The books and records of the Company shall be marked to reflect the pledge of the Membership Interests to CSFB, for the benefit of itself and the Lenders. For so long as any Loans (as defined in the Credit Agreement) remain outstanding, no Membership Interest or any rights relating thereto will be transferred or further encumbered and no new members will be admitted without the written consent of CSFB and, if the Company is advised by CSFB that an event of default has occurred under the Credit Agreement, the Company will comply with the provisions of the Pledge Agreement, which is to be entered into and dated as of July __, 1998. No exercise by CSFB of its rights under such Pledge Agreement shall constitute a violation of or be prohibited by this Agreement.
PLEDGE OF MEMBERSHIP INTEREST. Notwithstanding any other provision in this Operating Agreement, each Member shall be entitled to pledge its membership interest, including all interests, economic rights, control rights and status rights as a member, to, and otherwise xxxxx x xxxx and security
