Approved Transferees Clause Samples
Approved Transferees. All Transfers must be to an Approved Purchaser. Prior to consummation of any Transfer, a transferring Member must provide to the other Member reasonable evidence that the proposed transferee is an Approved Purchaser (the “Approved Purchaser Test”). If the other Member demonstrates, acting reasonably, that the transferee is not an Approved Purchaser (such demonstration to be provided to the transferring Member in writing within 15 Business Days after receipt of the last of all supporting materials and due diligence information provided by the transferring Member), then the Transfer to the transferee will not be consummated.
Approved Transferees. Notwithstanding the foregoing, Tenant may assign its interest in this Lease or sublet any portion of the Premises without Landlord’s consent to any of the following (collectively, “Approved Transferees”): (i) any corporation which controls, is controlled by, or is under common control with Tenant, provided that the net worth of such corporation at the time of the proposed sublease or assignment is equal to or greater than Tenant’s net worth as of the Effective Date; (ii) any corporation resulting from the merger or consolidation of Tenant, provided that the resulting corporation has a net worth equal to or greater than Tenant’s net worth as of the Effective Date; (iii) any person or entity which acquires all the assets of Tenant as a going concern of the business that is being conducted on the Premises, provided that the resulting person or entity has a net worth equal to or greater than Tenant’s net worth as of the Effective Date. At least ten (10) business days prior to any transfer to an Approved Transferee, Tenant shall provide written notice to Landlord of such transfer along with information reasonably necessary for Landlord to verify that such transferee constitutes an Approved Transferee.