Common use of Ownership of Membership Interest Clause in Contracts

Ownership of Membership Interest. Seller is the sole owner of the Membership Interest free and clear of any right of first refusal or right of first offer, security interest, lien, pledge, option, charge, claim, agreement restricting transfer, voting or any other attribute of ownership, voting trust, proxy or other encumbrance, except as may be imposed by applicable securities laws or the LLCA (collectively, “Encumbrances”). At Closing, Buyer shall obtain good and valid title to the Membership Interest, free and clear of any Encumbrances.

Ownership of Membership Interest. Seller is the sole owner of the Membership Interest. Seller owns the Membership Interest free and clear of any right of first refusal all liens, encumbrances, claims or right of first offerrestrictions on transfer or voting, security interest, lien, pledge, option, charge, claim, agreement restricting transfer, voting or any other attribute of ownership, voting trust, proxy or other encumbrance, except as may be than restrictions on transfer imposed by applicable the terms of the Loan, and federal and state securities laws or the LLCA (collectively, “Encumbrances”)laws. At Closingall times between the date of formation of the Company and the Closing Date, Buyer Seller has constituted and shall obtain good and valid title to constitute the sole holder of the Membership Interest, free and clear of any Encumbrances.