Common use of Absolute Restriction on Transfers Clause in Contracts

Absolute Restriction on Transfers. Notwithstanding any provision of this Agreement to the contrary, the transfer of an Interest to any person or entity other than the Company or a Member will not be permitted if the Interest sought to be transferred, when added to the total of all other Interests transferred within the period of twelve (12) consecutive months ending with the proposed date of the transfer, results in the termination of the Company under Section 708 of the Code, unless the transfer is consented to by a Majority-in-Interest of the Members.

Absolute Restriction on Transfers. Notwithstanding any provision of this Agreement to the contrary, the transfer of an Interest interest to any person or entity other than the Company or a Member will not be permitted if the Interest sought to be transferred, when added to the total of all other Interests transferred within the period of twelve (12) consecutive months ending with the proposed date of the transfer, results in the termination of the Company under Section 708 of the Code, unless the transfer is consented to by a Majority-in-Interest of the Members.