Common use of Pledged Interests Clause in Contracts

Pledged Interests. The Membership Interest in each Project Company is duly authorized, validly existing, fully paid and nonassessable, and such Membership Interest is not subject to any contractual restriction, or any restriction under the organizational documents of any Project Company or Borrower upon the transfer of such Membership Interest (except for any such restriction contained in any Financing Document). Such Membership Interest exists in a certificated form. No Person other than Borrower is the registered owner of the Membership Interest in each Project Company.