Unpledgeable Interest Clause Samples

Unpledgeable Interest. Any Equity Interest of Borrower in a Subsidiary or Unconsolidated Affiliate, which Equity Interests may not be pledged as security to any Person pursuant to restrictions contained in (a) any document, instrument or agreement evidencing Secured Indebtedness permitted by this Agreement, (b) such Subsidiary’s or Unconsolidated Affiliate’s organizational documents included as a condition to the extension of such Secured Indebtedness, or (c) any joint venture agreement with an unaffiliated third Person (provided that any portion of such Equity Interest that is not so restricted shall not be considered an Unpledgeable Interest).