Common use of Conditions for Approval of Transfer Clause in Contracts

Conditions for Approval of Transfer. If the Marketer (and its officers, directors, managers, owners and equivalents if the Marketer is an entity) are in full compliance with this Agreement, the Franchisor shall not unreasonably withhold its approval of a transfer that meets all the applicable requirements of this Section. The proposed transferee and its officers, directors, managers and owners must be individuals of good moral character and otherwise meet the Franchisor's then applicable standards for area marketers. If the transfer is of this Agreement, a 30% or more ("Controlling Interest") interest in the Marketer, or all or a substantial portion of the assets of the Business, or is one of a series of transfers which in the aggregate constitute the transfer of this Agreement, a Controlling Interest in the Marketer or all or a substantial portion of the assets of the Business, all of the following conditions must be met prior to or concurrently with the effective date of the transfer:

Conditions for Approval of Transfer. If the Marketer (and its officers, directors, managers, owners and equivalents if the Marketer is an entity) are is in full compliance with this Agreement, the Franchisor shall not unreasonably withhold its approval of a transfer that meets all the applicable requirements of this Section. The proposed transferee and its officers, directors, managers and owners must be individuals of good moral character and otherwise meet the Franchisor's then applicable standards for area marketers. If the transfer is of this Agreement, a 30% or more ("Controlling Interest") interest in the Marketer, or all or a substantial portion of the assets of the Business, or is one of a series of transfers which in the aggregate constitute the transfer of this Agreement, a Controlling Interest in the Marketer or all or a substantial portion of the assets of the Business, all of the following conditions must be met prior to or concurrently with the effective date of the transfer: