Common use of Null and Void Clause in Contracts

Null and Void. An attempted Transfer of all or a portion of any Membership Interests that is not in compliance with this Article 3 in its entirety will be null and void. A Transferee may not become a substitute Member without the express written consent of Members holding more than Fifty Percent (50.0%) of the total Membership Interests outstanding. Such consent may be withheld for any reason (or no reason). In the event that such consent is granted, the Transfer and the transferee must comply with all the provisions of this Agreement and all applicable law. No Membership Interests may be transferred if, in the sole and absolute discretion of the Manager, such a Transfer would jeopardize the availability of exemptions from registration under federal securities laws, the tax status of the Company or cause termination of the Company for federal income tax purposes.

Null and Void. An attempted Transfer of all or a portion of any Membership Interests that is not in compliance with this Article 3 in its entirety will be null and void. A Transferee may not become a substitute Member without the express written consent of Members holding more than Fifty Percent (50.0%) of the total Membership Interests outstanding. Such consent may be withheld for any reason (or no reason). In the event that such consent is granted, the Transfer and the transferee must comply with all the provisions of this Agreement and all applicable law. No Membership Interests may be transferred if, in the sole and absolute discretion of the Manager, such a Transfer would jeopardize the availability of exemptions from registration under federal securities laws, the tax status of the Company or cause termination of the Company for federal income tax purposes.. LIMITED LIABILITY COMPANY OPERATING AGREEMENT PFG Fund V, LLC