Membership Interest Pledge Agreement
This Membership Interest Pledge Agreement (the "Agreement") is entered into as of December 15, 2050, by and between:
[Your Company Name], a company duly organized and existing under the laws of the State of Wisconsin, with its principal address located at [Your Company Address] ("Pledgee"); and
BrandVibe, a company duly organized and existing under the laws of the State of Wisconsin, with its principal address located at Milwaukee, WI 53202 ("Pledgor").
The parties agree to the terms and conditions set forth in this Agreement.
I. PLEDGE OF MEMBERSHIP INTEREST
1.1 Grant of Security Interest
BrandVibe pledges and assigns its 40% Membership Interest in [Your Company Name] (the "Membership Interest") as collateral to secure its obligations under this Agreement.
1.2 Description of Membership Interest
The pledged Membership Interest consists of all rights, privileges, and distributions associated with the ownership interest, including voting rights, profits, and proceeds.
1.3 Scope of the Pledge
The pledge is provided as security for the repayment of an obligation amounting to $500,000, payable under the terms outlined in Section 2.1 of this Agreement.
II. OBLIGATIONS SECURED
2.1 Secured Obligations
The Membership Interest serves as collateral for the repayment of a loan provided by [Your Company Name] to BrandVibe, with the principal amount of $500,000, accruing interest at a rate of 5% annually, and maturing on December 15, 2055.
2.2 Payment Method
Payments shall be made via electronic bank transfer to an account designated by [Your Company Name].
III. REPRESENTATIONS AND WARRANTIES
3.1 Representations of Pledgor
BrandVibe represents and warrants the following:
It is the legal owner of the pledged Membership Interest, free and clear of any liens or encumbrances.
It has the full authority to enter into this Agreement and pledge the Membership Interest.
3.2 Representations of Pledgee
[Your Company Name] represents and warrants that it is authorized to accept and manage the pledged Membership Interest in compliance with applicable laws and the governing operating agreement.
IV. RIGHTS AND REMEDIES
4.1 Rights of Pledgee
If BrandVibe defaults on its obligations, [Your Company Name] shall have the right to:
Take possession of the pledged Membership Interest.
Retain, sell, or otherwise dispose of the Membership Interest to recover amounts owed.
4.2 Notice of Default
[Your Company Name] will provide BrandVibe with 30 days’ written notice prior to enforcing its remedies.
V. TERMINATION
5.1 Termination of Pledge
The pledge shall terminate upon the full satisfaction of the secured obligations, including principal, interest, and any associated fees.
5.2 Return of Membership Interest
Upon termination, [Your Company Name] shall execute any necessary documents to release the pledged Membership Interest back to BrandVibe.
VI. GOVERNING LAW
6.1 Governing Law
This Agreement shall be governed by and construed in accordance with the laws of the State of Wisconsin, without regard to its conflict of law principles.
VII. SIGNATURES
7.1 Pledgee's Signature
[Your Name], as the authorized representative of [Your Company Name], agrees to the terms of this Agreement.
Date: December 15, 2050
Authorized Representative: [Your Name]
Title: Membership Operations Director
7.2 Pledgor's Signature
Dell Stokes, as the authorized representative of BrandVibe, agrees to the terms of this Agreement.
Date: December 15, 2050
Authorized Representative: Dell Stokes
Title: Chief Financial Officer
For questions or concerns regarding this Agreement, please reach out to [Your Name] at [Your Email].
Agreement Templates @ Template.net
