Common use of Resignations or Transfers Clause in Contracts

Resignations or Transfers. The Member shall not be entitled to be repaid any portion of its Member Account or resign from the Company or transfer its limited liability company interest in the Company without the consent of the Board or as otherwise provided in this Agreement. In the event of the Member’s resignation from the Company or transfer of its limited liability company interest in the Company, the Member shall, pursuant to the terms of this Agreement, designate a successor Member. Where such successor Member is not an Affiliate, admission shall be subject to the conditions set forth in Section 6.04. The Company shall notify each Rating Agency of any transfer of limited liability company interests or resignation of the Member. The Member’s resignation or transfer shall become effective upon the admission of a successor Member. Notwithstanding anything in this Agreement to the contrary, any successor to the Member by merger or consolidation in compliance with the Basic Documents shall, without further act, be the Member hereunder, and such merger or consolidation shall not constitute an assignment for purposes of this Agreement and the Company shall continue without dissolution.