Common use of Transfer of Interests of Members Clause in Contracts

Transfer of Interests of Members. (a) An Interest or portion of an Interest held by a Member may be Transferred only (1) by operation of law as a result of (i) the death, divorce, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Member or (ii) the enforcement of any pledge or other security interest with respect to the Interest; or (2) with the written consent of the Managing Member, which may be withheld in its sole discretion and is expected to be granted, if at all, only under limited circumstances. No Member may grant a pledge or other security interest on an Interest or portion of an Interest without the written consent of the Managing Member, which consent may be withheld in the Managing Member's sole discretion. Any Transfer or pledge or other grant of any security interest not made in accordance with this Section 4.4(a) shall be void.

Transfer of Interests of Members. (a) An Interest or portion of an Interest held by a Member may be Transferred only (1) by operation of law as a result of (i) the death, divorce, bankruptcy, insolvency, adjudicated incompetence or dissolution of the Member or (ii) the enforcement of any pledge or other security interest with respect to the Interest; or (2) with the written consent of the Managing MemberFund, which may be withheld in its the Fund’s sole discretion and is expected to be granted, if at all, only under limited circumstances. No Member may grant a pledge or other security interest on an Interest or portion of an Interest without the written consent of the Managing MemberFund, which consent may be withheld in the Managing Member's Fund’s sole discretion. Any Transfer or pledge or other grant of any security interest not made in accordance with this Section 4.4(a) shall be void.