Common use of Limitations on Members' Right to Sell Interests Clause in Contracts

Limitations on Members' Right to Sell Interests. Except as contemplated by Section 2.10, Section 9.2 and Section 9.4, each of the Members agrees not to transfer all or any of its Interests in the Company, and each Member shall hold its Interests and, by accepting the same upon original issue, upon distributions or upon subsequent transfer, agrees for itself, its successors, legal representatives and assigns that the Interests shall not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered, whether voluntarily or involuntarily, by operation of law, legal proceedings or otherwise, other than as provided in this Section 9 or in Section 2.10. In the event an involuntary lien or encumbrance is placed on the Interests, the affected Member shall not be in violation of this provision if it discharges or causes to be discharged such lien or encumbrance within a period of sixty (60) days from the placement or occurrence thereof.

Limitations on Members' Right to Sell Interests. Except as contemplated by Section 2.10, Section 9.2 8.2 and Section 9.48.4, each of the Members agrees not to transfer all or any of its Interests in the Company, and each Member shall hold its Interests and, by accepting the same upon original issue, upon distributions or upon subsequent transfer, agrees for itself, its successors, legal representatives and assigns that the Interests shall not be sold, transferred, assigned, pledged, hypothecated or otherwise encumbered, whether voluntarily or involuntarily, by operation of law, legal proceedings or otherwise, other than as provided in this Section 9 or in Section 2.108. In the event an involuntary lien or encumbrance is placed on the Interests, the affected Member shall not be in violation of this provision if it discharges or causes to be discharged such lien or encumbrance within a period of sixty (60) 60 days from the placement or occurrence thereof.