Ownership of Pledged Collateral. Pledgor is the sole legal and equitable owner of and has good and marketable title to the Pledged Collateral (or, in the case of after-acquired Pledged Membership Interests, at the time Pledgor acquires rights in the Pledged Membership Interests, will be the sole legal and equitable owner) and record and beneficial owner of the Pledged Membership Interests. The Pledged Membership Interests constitute all of the membership interests of the Company, except for the Assigned Membership Interests, and are represented by the certificate to be delivered to Lender pursuant to Section 3(a).
Appears in 2 contracts
Sources: Membership Interest Pledge Agreement, Membership Interest Pledge Agreement (Utek Corp)