Transfer by Pledge. No Membership Interest shall be pledged or otherwise voluntarily encumbered by any Member or his or her Spouse or Domestic Partner unless a Majority of the Directors approves such transaction, in their sole discretion. If, for any reason, any pledged Membership Interest is foreclosed upon, the foreclosure shall be considered an Involuntary Transfer and the provisions of Section 10.7 shall govern.
Appears in 2 contracts
Sources: Company Agreement, Company Agreement