Common use of Obligations of Transferee Clause in Contracts

Obligations of Transferee. In the event any Member transfers its Membership Interest (including any transfers made pursuant to Subsection 8.1.2 above), no such transfer shall be made or shall be effective to make such transferee a Member or entitle such transferee to any benefits or rights hereunder until the proposed transferee agrees in writing to assume and be bound by all of the obligations of the transferor and be subject to all the restrictions to which the transferor is subject under the terms of this Agreement.

Obligations of Transferee. In the event any Member transfers its Membership Interest (including any transfers made pursuant to Subsection 8.1.2 above)Interest, no such transfer Transfer shall be made or shall be effective to make such transferee a Member or entitle such transferee to any benefits or rights hereunder until the proposed transferee agrees in writing to assume and be bound by all of the obligations of the transferor and be subject to all the restrictions to which the transferor is subject under the terms of this Agreement.