Examples of Pledged Company Interests in a sentence
If any sums of money or property so paid or distributed in respect of the Pledged Company Interests shall be received by Pledgor, Pledgor shall, until such money or property is paid or delivered to Lender, hold such money or property in trust for Lender, segregated from other funds of Pledgor, as additional security for the Guaranteed Obligations.
Lender shall be under no obligation to delay a sale of any of the Pledged Company Interests for the period of time necessary to permit Borrower or Pledgor to register such securities for public sale under the Securities Act of 1933, as amended, or under applicable state securities laws, even if Borrower or Pledgor would agree to do so.
The Pledged Company Interests are “securities” within the meaning of Sections 8-l02(a)(15) and 8-103 of the Code.
The Borrower’s Operating Agreement and the Membership Certificate each state that the Pledged Company Interests are “securities” as such term is defined in Article 8 of the UCC as in effect in the State of Delaware.
Concurrently with the execution and delivery of this Agreement, Pledgors shall deliver to Lender a certificate evidencing the Pledged Company Interests (which certificate shall constitute a “security certificate” (as defined in the Code) (“the “Membership Certificate”), the form of which is attached hereto as Exhibit A.