Common use of Approval for Transfer Clause in Contracts

Approval for Transfer. If any Member wishes to transfer its interest or any portion thereof (a "Transferring Member") to a Non-Member, it shall first obtain the written approval from all the Members (other than the transferring Member), which approval may be withheld for any reason or no reason, in the sole discretion of such Member or Members. The Members agree that the restrictions on transferring and withdrawal contained herein are fair and reasonable. If such written approval is not obtained, then any such transfer shall be void ab initio. In the event that such written approval shall be obtained from the remaining Member or Members, however, Schedule A shall be amended to appropriately reflect the changes to the membership, Percentage Interests, and Capital Contributions caused by such transfer.