Common use of Encumbrances of Membership Interests Clause in Contracts

Encumbrances of Membership Interests. A Member may not pledge, mortgage, subject to a security interest or lien, or otherwise encumber (voluntarily, involuntarily, or by operation of law) all or any portion of its Membership Interest without the consent of the Managers and a Majority Interest, calculated without reference to the Member desiring to make such encumbrance.

Encumbrances of Membership Interests. A When there is more than one Member, a Member may not pledge, mortgage, subject to a security interest or lien, or otherwise encumber (voluntarily, involuntarily, involuntarily or by operation of law) all or any portion of his, hers or its Membership Interest without the consent of the Managers and a Majority Interest, calculated without reference to the Member desiring to make such encumbranceencumbrances.