Restrictions on Transfers by a Non-Managing Member. (a)No Non-Managing Member may directly or indirectly, sell, exchange, transfer, assign, pledge, hypothecate or otherwise dispose of all or any portion of its interest in the Company without the prior written consent of the Managing Member (which may, in the Managing Member’s sole discretion, be withheld or granted on such terms as the Managing Member determines). In no event may a Non-Managing Member engage in any aforementioned transfer of any portion of its interest in the Company nor may a substituted Non-Managing Member be admitted to the Company if such transfer or such admission would, in the judgment of the Managing Member, cause non-compliance with any matter set forth in Section 2.03..
Appears in 5 contracts
Samples: Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC), Limited Liability Company Operating Agreement (DLP Positive Note Fund LLC)
