Common use of Restrictions on Transfer, Issuance and Admission Clause in Contracts

Restrictions on Transfer, Issuance and Admission. Unless approved in advance by the Managers and, by the applicable Gaming Authorities, if any, no Member shall Transfer all or any portion of its Units. Notwithstanding the immediately preceding sentence, Transfers or issuances of any Units to any Person who was required to be, and has not been, found suitable to be licensed or to hold such Units by the applicable Gaming Authorities, if any, are prohibited and shall be null and void and of no force or effect ab initio.

Restrictions on Transfer, Issuance and Admission. Unless approved in advance by the Managers and, by the applicable Gaming Authorities, if any, no Member shall Transfer all or any portion of its UnitsMembership Interest. Notwithstanding the immediately preceding sentence, Transfers or issuances of any Units Membership Interest to any Person who was required to be, and has not been, found suitable to be licensed or to hold such Units Membership Interest by the applicable Gaming Authorities, if any, are prohibited and shall be null and void and of no force or effect ab initio.

Restrictions on Transfer, Issuance and Admission. Unless approved in advance by the Managers and, on or after the Second Closing Date, by the applicable Gaming Authorities, if any, no Member shall Transfer all or any portion of its Units. Notwithstanding the immediately preceding sentence, Transfers or issuances of any Units to any Person who who, on or after the Second Closing Date, was required to be, and has not been, found suitable to be licensed or to hold such Units by the applicable Gaming Authorities, if any, are prohibited and shall be null and void and of no force or effect ab initio.