Common use of Assignment of Membership Interests; Resignation; Admission of New Members, Trustee Member Clause in Contracts

Assignment of Membership Interests; Resignation; Admission of New Members, Trustee Member. 5.1.1. Assignment, resignation and admission of new members shall, generally, be as provided in the Act. Without limiting the foregoing, the Member’s Membership Interest is transferable either voluntarily or by operation of law. A Member may sell, assign, convey, exchange, mortgage, pledge, grant, hypothecate, or transfer all or a portion of its Membership Interest with the prior written consent of the Manager. In the event of a transfer of less than all of the Member’s Membership Interest, the transferee shall become a member of the Company on such terms and conditions as such member, the Member and the Company shall agree upon. In the event of a transfer of the Member’s entire Membership Interest, the transferee shall succeed to all of the Member’s rights and obligations under this Agreement. Upon the transfer of the Member’s Membership Interest, the transferee shall become a member of the Company upon the completion of the transfer without further action. 5.1.2. Without limiting any of the foregoing, upon the sale, transfer, or other disposition of the Member’s entire Membership Interest pursuant to the exercise of foreclosure rights under any pledge thereof to any lender (or any agent, trustee or other representative for any lender or group of lenders), the transferee of the Member’s Membership Interest shall become a member of the Company and shall acquire all of the right, title and interest of the Member in the Company, including all rights and obligations under this Agreement, and the Member shall be withdrawn as a member of the Company hereunder and shall have no further right, title or interest in the Company or under this Agreement. 5.1.3. Notwithstanding the foregoing, if any person who is acting as a trustee of a trust is a Member and shall cease to be a trustee of such trust, the successor trustee or trustees shall continue to be a Member.

Assignment of Membership Interests; Resignation; Admission of New Members, Trustee Member. 5.1.1. 5.1.1 Assignment, resignation and admission of new members shall, generally, be as provided in the Act. Without limiting the foregoing, the Member’s Membership Interest is transferable either voluntarily or by operation of law. A Member may sell, assign, convey, exchange, mortgage, pledge, grant, hypothecate, or transfer all or a portion of its Membership Interest with the prior written consent of the Manager. In the event of a transfer of less than all of the Member’s Membership Interestinterest, the transferee shall become a member of the Company on such terms and conditions as such member, the Member and the Company shall agree upon. In the event of a transfer of the Member’s entire Membership Interest, the transferee shall succeed to all of the Member’s rights and obligations under this Agreement. Upon the transfer of the Member’s Membership Interest, the transferee shall become a member of the Company upon the completion of the transfer without further action. 5.1.2. Without limiting any of the foregoing, upon the sale, transfer, or other disposition of the Member’s entire Membership Interest pursuant to the exercise of foreclosure rights under any pledge thereof to any lender (or any agent, trustee or other representative for any lender or group of lenders), the transferee of the Member’s Membership Interest shall become a member of the Company and shall acquire all of the right, title and interest of the Member in the Company, including all rights and obligations under this Agreement, and the Member shall be withdrawn as a member of the Company hereunder and shall have no further right, title or interest in the Company or under this Agreement. 5.1.3. 5.1.2 Notwithstanding the foregoing, if any person who is acting as a trustee of a trust is a Member and shall cease to be a trustee of such trust, the successor trustee or trustees shall continue to be a Member.

Assignment of Membership Interests; Resignation; Admission of New Members, Trustee Member. 5.1.1. Assignment, resignation and admission of new members shall, generally, be as provided in the Act. Without limiting the foregoing, the Member’s Membership Interest is transferable either voluntarily or by operation of law. A Member may sell, assign, convey, exchange, mortgage, pledge, grant, hypothecate, or transfer all or a portion of its Membership Interest with the prior written consent of the Manager. In the event of a transfer of less than all of the Member’s Membership Interest, the transferee shall become a member of the Company on such terms and conditions as such member, the Member and the Company shall agree upon. In the event of a transfer of the Member’s entire Membership Interest, the transferee shall succeed to all of the Member’s rights and obligations under this Agreement. Upon the transfer of the Member’s Membership Interest, the transferee shall become a member of the Company upon the completion of the transfer without further action. 5.1.2. Without limiting any of the foregoing, upon the sale, transfer, or other disposition of the Member’s entire Membership Interest pursuant to the exercise of foreclosure rights under any pledge thereof to any lender (or any agent, trustee or other representative for any lender or group of lenders), the transferee of the Member’s Membership Interest shall become a member of the Company and shall acquire all of the right, title and interest of the Member in the Company, including all rights and obligations under this Agreement, and the Member shall be withdrawn as a member of the Company hereunder and shall have no further right, title or interest in the Company or under this Agreement., 5.1.3. Notwithstanding the foregoing, if any person who is acting as a trustee of a trust is a Member and shall cease to be a trustee of such trust, the successor trustee or trustees shall continue to be a Member.