Transfer by Pledge. The Pledgor and the Pledgor's Permitted ------------------ Transferees will not sell, assign, transfer or otherwise dispose of, grant any option with respect to, or mortgage, pledge or otherwise encumber the Pledged Securities or any interest therein except as provided in the Employment Agreement and the Shareholders' Agreement. In the event of a sale, assignment, transfer or other disposition of or mortgage, pledge or other encumbrance of Pledged Securities pursuant to the Subscription Agreement or the Shareholders' Agreement, the Common Stock so sold, assigned, transferred or otherwise disposed of or mortgaged, pledged or otherwise encumbered shall remain subject to the provisions of this Stock Pledge Agreement and of the Shareholders' Agreement and the purchaser, assignee, transferee or other acquirer, mortgagee or pledgee shall agree in writing, in form and substance satisfactory to Holding, to be bound by all the terms of this Stock Pledge Agreement and of the Shareholders' Agreement with the same force and effect as if such transferee were a party hereto.
Transfer by Pledge. No Shares shall be pledged or otherwise voluntarily encumbered unless the Board approves the pledge or other encumbrance. The Board shall have sole discretion to allow any Shares to be pledged for any purpose. If the Board approves a pledge of Shares, then the following procedure will be followed:
Transfer by Pledge. No Membership Interest shall be pledged or otherwise voluntarily encumbered by any Member or his or her Spouse or Domestic Partner unless a Majority of the Directors approves such transaction, in their sole discretion. If, for any reason, any pledged Membership Interest is foreclosed upon, the foreclosure shall be considered an Involuntary Transfer and the provisions of Section 10.7 shall govern.
Transfer by Pledge. No Shares shall be pledged or otherwise voluntarily encumbered unless the following procedure are followed:
