Restriction on the Disposition of the Membership Interest. (a) Subject to compliance with all applicable provisions of this Section 4.4, any Member may Dispose of all or any part of its Membership Interest. The Person to whom such Disposition is made shall be an Assignee of such interest but shall not be a Substitute Member unless admitted as a Substitute Member in accordance with Section 4.4(b).
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Samples: Limited Liability Company Agreement (World Omni Auto Leasing LLC), Limited Liability Company Agreement (World Omni Auto Receivables LLC), Limited Liability Company Agreement (World Omni 1998-a Automobile Lease Securitization Trust)
Restriction on the Disposition of the Membership Interest. (a) Subject to compliance with all applicable provisions of this Section 4.4, any Member may Dispose of all or any part of its Membership Interest. The Person to whom such Disposition a transfer of a Membership Interest is made shall be an Assignee of such interest but shall not be a Substitute Member unless admitted as a Substitute Member in accordance with Section 4.4(b).
Appears in 3 contracts
Samples: Limited Liability Company Agreement (World Omni LT), Limited Liability Company Agreement (World Omni LT), Limited Liability Company Agreement (World Omni LT)
Restriction on the Disposition of the Membership Interest. (a) Subject to compliance with all applicable provisions of this Section 4.4, any Member may Dispose of all or any part of its Membership Interest. The Person to whom such Disposition is made shall be an Assignee of such interest but shall not be a Substitute Member unless admitted as a Substitute Member in accordance with Section 4.4(b). For purposes of the second sentence of this Section 4.4(c), the term Disposition does not include the mortgage, pledge or grant of a security interest in, all or any part of the Member's Membership Interest.
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