Common use of Limited Partnership or Limited Liability Company Clause in Contracts

Limited Partnership or Limited Liability Company. If Franchisee is a general or limited partnership or a limited liability company, then the admission of a new partner of member, or the redemption, purchase, liquidation or transfer of a partnership or limited liability company membership interest or any disposition of the assets of the partnership or company, in one transaction or in a series of transactions which, in the aggregate, result in either (i) more than a twenty-five percent (25%) change in the beneficial ownership of the corporation, or (ii) a change in the voting control of the partnership or company, is a transfer which requires the consent of Franchisor. The partnership agreement or limited liability company operating agreement must contain the following provision: “The transfer of a legal or beneficial interest in the (partnership) (limited liability company) is subject to the restrictive provisions of a Franchise Agreement with Car Wash Guys International, Inc. Reference is made to the Franchise Agreement for all particulars.”

Limited Partnership or Limited Liability Company. If Franchisee is a general or limited partnership or a limited liability company, then the admission of a new partner of member, or the redemption, purchase, liquidation or transfer of a partnership or limited liability company membership interest or any disposition of the assets of the partnership or company, in one transaction or in a series of transactions which, in the aggregate, result in either (i) more than a twenty-five percent (25%) change in the beneficial ownership of the corporation, or (ii) a change in the voting control of the partnership or company, is a transfer which requires the consent of Franchisor. The partnership agreement or limited liability company operating agreement must contain the following provision: “The transfer of a legal or beneficial interest in the (partnership) (limited liability company) is subject to the restrictive provisions of a Franchise Agreement with Car Wash Guys InternationalWASH XXX.XXX, Inc. Reference is made to the Franchise Agreement for all particulars.”