Permitted Interest Encumbrance definition

Permitted Interest Encumbrance means the following: (i) Liens created by this Agreement; (ii) the terms and conditions of, and any Liens created pursuant to, any Third-Party Loan of a Company, and any agreement or instrument entered into in relation therewith, in each case to the extent released or otherwise not binding on the Acquired Membership Interests as of Closing; and (iii) any restrictions on sales of securities under applicable securities Laws.
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Permitted Interest Encumbrance means the following:
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Permitted Interest Encumbrance shall have the meaning set forth in Section 8.2(b).
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Examples of Permitted Interest Encumbrance in a sentence

  • Notwithstanding Sections 8.6(a) and (b), subject to compliance with Sections 8.3, 8.6(d), 8.7 and 8.8, a transferee of all or a portion of an Interest in connection with a Permitted Transfer or in connection with the foreclosure or transfer in lieu of foreclosure of a Permitted Interest Encumbrance will automatically be admitted to the Company as a substituted Member with respect to the transferred interest without the consent of any other Member or the Management Committee.

  • Upon the foreclosure or transfer or power of sale in lieu of foreclosure of any Permitted Interest Encumbrance, the transferee shall automatically be admitted as an additional Member of the Company, subject to Sections 8.3, 8.5(d), 8.6 and 8.7.

  • Notwithstanding that Permitted Interest Encumbrances are permitted, any transferee in connection with a foreclosure or a Transfer or power of sale in lieu of foreclosure of any Permitted Interest Encumbrance shall be subject to all of the provisions of this Agreement, and shall not be admitted to the Company as a substitute Shareholder except as provided in Section 8.5.