Common use of Sale of Pledged Stock Without Registration Clause in Contracts

Sale of Pledged Stock Without Registration. Pledgor recognizes that, under certain circumstances, (i) the Pledgee may be unable to effect a public sale of any or all of the Pledged Stock by reason of the Securities Act and applicable state or foreign securities laws or otherwise, but may be compelled to resort to one or more private sales thereof to a restricted group of purchasers who will be obliged to agree, among other things, to acquire such securities for their own account for investment and not with a