Pledge of Partnership Interest. Nothing in this Agreement including, without limitation, Sections 5.1 and 5.2 shall prevent any Partner from pledging its Partnership Interest to any financial institution, whether acting on its own behalf or as Collateral Trustee or Agent, to which such Partner or the Partnership has incurred or guaranteed any obligation, and neither any such financial institution which exercises its rights and remedies under any such pledge agreement nor any person who becomes a holder of Partnership Interests as the result thereof or its successors or assigns shall be bound by the restrictions set forth in Sections 5.1 and 5.2.
Pledge of Partnership Interest. Subject to the terms of the Fording Credit Facility, the Operating Facility and the Guarantee, a Partner may mortgage, hypothecate or pledge a Partnership Interest held by such Partner as security for a loan to or an obligation of such Partner. Fording LP, in accordance with Section 8.2(c), is permitted to pledge its Partnership Interest as security in respect of the Fording Credit Facility including, for certainty, any refinancing of such facility or any replacement facilities. If a Partnership Interest is so mortgaged, hypothecated or pledged, the Partnership shall, upon receipt of a written request from the mortgaging, hypothecating or pledging Partner (the “Pledging Partner”), deliver to the Person specified by the Pledging Partner in the written request (the “Secured Party”) a written acknowledgement of notice of the mortgage, hypothecation or pledge and confirmation that, following a default under such obligation, upon receipt by the Partnership of a written order from the Secured Party setting forth, where relevant, an address for payment:
Pledge of Partnership Interest. Upon its delivery to Purchaser on Closing Date, the pledge of partnership interest, if any, de- scribed in Sections 4.6 and 9.7(f) will be duly and validly authorized by Seller's shareholders and organizational documents and shall constitute valid and binding obligation of Seller and shall be enforceable against Seller according to its terms, except as the same may be restricted, limited or delayed by applicable bankruptcy or similar laws affecting creditors rights and general equitable principles.
Pledge of Partnership Interest. The obligation of the Transferee to pay the Deferred Payments shall be secured by a first priority security interest in and to the MDI Interest and the MRI Interest in the Partnership. The Transferee hereby grants to MDI Rehab a first priority security interest in and to the MDI Interest, including, without limitation, any rights to distributions in liquidation or otherwise, with respect to such MDI Interest, for the purpose of securing all of the obligations of the Transferee to MDI Rehab under this Agreement. The Transferee hereby represents and warrants to MDI Rehab that it has good and marketable title to the MDI Interest and that the MDI Interest is free and clear of all liens, claims, and encumbrances whatsoever, except for the first priority security interest therein described herein. MDI Rehab shall have all of the rights and remedies of a secured party under the Uniform Commercial Code as enacted and in effect in the Commonwealth of Massachusetts (the "UCC"). The Transferee agrees to execute and deliver to MDI Rehab such UCC financing statements and such other documents and instruments (including, without limitation, a pledge agreement from the Transferee with respect to the security interest granted hereby) and to take such further actions as may be reasonably requested by MDI Rehab in order to perfect and maintain the first priority security interest granted hereby. Similarly, the Transferee hereby grants to Middlesex MRI a first priority security interest in and to the MRI Interest, including, without limitation, any rights to distributions in liquidation or otherwise, with respect to such MRI Interest, for the purpose of securing all of the obligations of the Transferee to Middlesex MRI under this Agreement. The Transferee hereby represents and warrants to Middlesex MRI that it has good and marketable title to the MRI Interest and that the MRI Interest is free and clear of all liens, claims, and encumbrances whatsoever, except for the first priority security interest therein described herein. Middlesex MRI shall have all of the rights and remedies of a secured party under the Uniform Commercial Code as enacted and in effect in the Commonwealth of Massachusetts (the "UCC"). The Transferee agrees to execute and deliver to Middlesex MRI such UCC financing statements and such other documents and instruments (including, without limitation, a pledge agreement from the Transferee with respect to the security interest granted hereby) and to take such ...
Pledge of Partnership Interest. A Partner can pledge, mortgage or hypothecate a Partnership interest subject to the credit facilities and guarantees being put in place in connection with the Transaction. Restrictions on Withdrawals: • No Partner will have any right to withdraw any amount or receive any distribution except as provided in the Partnership Agreement and permitted by law. Tax Year: • 12 months ended January 31 of each year.
Pledge of Partnership Interest. 78 11. Purchaser's Representations and Warranties. . . . . . . . 79 11.1
Pledge of Partnership Interest o A Partner can pledge, mortgage or hypothecate a Partnership interest subject to the credit facilities and guarantees being put in place in connection with the Transaction.
Pledge of Partnership Interest. The Partnership agrees that as a condition to the admission of each Limited Partner, it will (i) obtain from such Limited Partner a written instrument by which such Limited Partner becomes bound by the terms of the Partnership Agreement (as the same is amended or restated from time to time), (ii) obtain a pledge of such Limited Partner’s Units to secure payment of the Quarterly Contributions and a written security agreement executed by and enforceable against the Limited Partner in which the Limited Partner pledges its Units and such other security as the Partnership shall deem appropriate to secure the Limited Partners’ obligations under the Partnership Agreement, and (iii) as security, take possession of and hold until all payments due hereunder have been paid, the certificate evidencing the Units of such Limited Partner.
Pledge of Partnership Interest. Borrower shall cause the Parent to pledge all of its ownership interests in Borrower to Lender pursuant to the terms and conditions of the Stock Pledge Agreement and other documents entered into between Lender and the Parent in order to evidence such pledge.
Pledge of Partnership Interest. Any Limited Partner wishing to pledge, hypothecate or otherwise encumber his Partnership Interest shall be required to comply with such provisions of Section 11.2 hereof as, in the opinion of the General Partner, are appropriate.
