Common use of Restriction on Transfers to Certain Competing Persons Clause in Contracts

Restriction on Transfers to Certain Competing Persons. Caterpillar shall not, without the prior written consent of Navistar, which consent may be withheld in the sole discretion of Navistar, Transfer its Membership Interest to, or pledge or in any manner encumber its Membership Interest in favor of, any Navistar Competing Person. Navistar shall not, without the prior written consent of Caterpillar, which consent may be withheld in the sole discretion of Caterpillar, Transfer its Membership Interest to, or pledge or in any manner encumber its Membership Interest in favor of, any Caterpillar Competing Person. Any Transfer, pledge or encumbrance of a Membership Interest by a Member made without such consent shall be null and void and of no effect whatsoever and shall not be recorded upon the books of the Company.