Common use of Pledged Units Clause in Contracts

Pledged Units. The indemnity obligations of the ▇▇▇▇▇▇ Parties under this Article 7 shall be satisfied by any BPLP Indemnified Party in all cases first against Units pledged or other collateral provided under Section 7.8 below. In the event that notwithstanding such requirement, for any reason an indemnification claim is paid by any ▇▇▇▇▇▇ Party Indemnitor under Section 7.2 hereof (whether by judgment, arbitration award, settlement or otherwise) to any BPLP Indemnified Party then BPLP shall release Units or other collateral, if applicable, from the pledge under Section 7.8 having a value equal to the amount so paid.

Pledged Units. The indemnity obligations of the ▇▇▇▇▇▇ Parties under this Article 7 shall be satisfied by any BPLP Indemnified Party in all cases first against Units pledged or other collateral provided under Section 7.8 below. In the event that notwithstanding such requirement, for any reason an indemnification claim is paid by any ▇▇▇▇▇▇ Party Indemnitor under Section 7.2 hereof (whether by judgment, arbitration award, settlement or otherwise) to any BPLP Indemnified Party then BPLP Transferee shall release Units or other collateral, if applicable, from the pledge under Section 7.8 having a value equal to the amount so paid.