Common use of Transfers and Encumbrances Clause in Contracts

Transfers and Encumbrances. For the first five (5) years following the commencement of the Company, no Member may (a) withdraw as a Member of the Company, or (b) Transfer or create an Encumbrance with respect to all or any portion of its Membership Interest or Economic Interest, except with respect to Transfers to a Permitted Transferee of the transferring Member or as otherwise mutually agreed upon by a Supermajority in Interest. After the fifth anniversary of the commencement of the Company, a Member may Transfer or create an Encumbrance with respect to all or any portion of its Membership Interest or Economic Interest; provided, however, that such Transfer or Encumbrance shall be subject to and comply with the provisions of Section 8.3

Transfers and Encumbrances. For the first five (5) years following the commencement of the Company, no Member may (a) withdraw as a Member of the Company, or (b) Transfer or create an Encumbrance with respect to all or any portion of its Membership Interest or Economic Interest, except with respect to Transfers to a Permitted Transferee of the transferring Member or as otherwise mutually agreed upon by a Supermajority in Interest. After the fifth anniversary of the commencement of the Company, a Member may Transfer or create an Encumbrance with respect to all or any portion of its Membership Interest or Economic Interest; provided, however, that such Transfer or Encumbrance shall be subject to and comply with the provisions of Section 8.38.3 and Section 8.