Laserfiche WebLink
4.14 The Pledgors are not required to obtain any consent, approval or <br />authorization from, or to file any declaration or statement with, any governmental <br />instrumentality or other agency or any other individual or entity in connection with or as <br />a condition to the execution, delivery or performance hereof <br />4.15 Issuer has not elected to have the Pledged Membership Interests treated as <br />securities governed by Article 8 of the UCC in its articles of organization, limited <br />liability company agreement or any other document, and the Pledged Membership <br />Interests do not constitute "investment property", as defined in Article 9 of the UCC. <br />Pledgors will not consent to any modifications of or amendments to Issuer's articles of <br />organization, operating agreement or any other document which affects an election by <br />Issuer to have the Pledged Membership Interests treated as securities governed by Article <br />8 of the UCC. <br />4.16 Each Pledgor hereby consents to the other Pledgors execution of this <br />Pledge Agreement and specifically acknowledges and consents to the other Pledgor's <br />assignment of its financial and governance rights in the Issuer to the HRA and agrees that <br />the HRA may, until the Security Interest granted to the HRA under the Pledge Agreement <br />is terminated, exercised, enforced and obtained the benefits of such rights in accordance <br />of the Pledge Agreement. <br />5. Duty of Care. The HRA shall not be obligated to preserve any rights <br />Pledgors may have against prior parties or to realize on the Collateral at all or in any particular <br />manner or order. The HRA shall have no liability or responsibility to Pledgors for any action <br />taken or omitted with respect to the Collateral or otherwise on the direction of Pledgors. <br />6. Events of Default. The occurrence of any of the following events shall <br />constitute an Event of Default under this Pledge Agreement: <br />6.1 Pledgors shall fail to (i) pay any of the Secured Obligations as and when <br />due; or (ii) perform any of their agreements contained herein; or <br />6.2 Any statement, representation or warranty of Pledgors made herein or any <br />time furnished to the HRA shall be untrue in any material respect as of the date made; <br />6.3 An Event of Default (as defined in the Loan Agreement) shall occur; or <br />6.4 Any other default, however defined, shall occur under the terms of any <br />agreement, document or instrument evidencing, securing or relating to the Secured <br />Obligations. <br />7. Remedies Upon Default. <br />7.1 Upon the occurrence of an Event of Default and any time thereafter, the <br />HRA may exercise any one or more of the following rights and remedies: <br />30 <br />