Common use of Pledges Clause in Contracts

Pledges. If any Partner or assignee at any time desires to pledge or hypothecate any or all of the interest in the Partnership then owned by him, he may do so provided (i) that such transaction is a bona fide pledge or hypothecation to a financial institution and (ii) that such financial institution at the time of such pledge agrees in writing to afford the other Partners a right of first refusal to repurchase the interest in the Partnership in the manner described in Section 6.5 in the event of the sale of such interest upon foreclosure.

Pledges. If any Partner or assignee at any time desires to ------- pledge or hypothecate any or all of the interest in the Partnership then owned by him, he may do so provided (i) that such transaction is a bona fide pledge or hypothecation to a financial institution and (ii) that such financial institution at the time of such pledge agrees in writing to afford the other Partners a right of first refusal to repurchase the interest in the Partnership in the manner described in Section 6.5 in the event of the sale of such interest upon foreclosure.