Common use of Shares of Members Not Transferable Clause in Contracts

Shares of Members Not Transferable. No Member may sell, assign, pledge or otherwise transfer or encumber all or any portion of such Member’s Shares other than with the approval of a Majority in Interest of Class A Members. No acquirer, assignee, pledgee, legatee, distributee, heir or transferee (by conveyance, operation of law or otherwise) of the whole or any portion of any Member’s Shares shall have any right to be a Member without the prior written consent of a Majority in Interest of Class A Members, which may be given or withheld in their sole discretion.

Shares of Members Not Transferable. No Member may sell, assign, pledge or otherwise transfer (directly or indirectly, by operation of law or otherwise) or encumber all or any portion of such Member’s Shares other than with the approval of a Majority in Interest of Class A Members. No acquirer, assignee, pledgee, legatee, distributee, heir or transferee (by conveyance, operation of law or otherwise) of the whole or any portion of any Member’s Shares shall have any right to be a Member without the prior written consent of a Majority in Interest of Class A Members, which may be given or withheld in their sole discretion.