Restrictions on Transfers of Membership Interest. Except as otherwise provided in this Agreement, a Member may not transfer, assign or encumber all or any part of his Membership Interest in the Company without first obtaining the unanimous written consent of all the Members. This section shall not prohibit the collateral assignment as security of rights to the net profits by any Member, but no such assignee shall have the right, by virtue of such collateral assignment, to become a new member hereunder.
Appears in 23 contracts
Samples: Limited Liability Company Operating Agreement (Neighborhoods Capital, LLC), Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC), Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
Restrictions on Transfers of Membership Interest. Except as otherwise provided in this Agreement, a Member may not transfer, assign or encumber all or any part of his Membership Interest in the Company without first obtaining the a unanimous written consent of all the Members. This section shall not prohibit the collateral assignment as security of rights to the net profits by any Member, but no such assignee shall have the right, by virtue of such collateral assignment, to become a new member hereunder.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
Restrictions on Transfers of Membership Interest. Except as otherwise provided in this Agreement, a Member may not transfer, assign or encumber all or any part of his Membership Interest in the Company without first obtaining the unanimous written consent of all the Members. This section shall not prohibit the collateral assignment as security of rights to the net profits by any Member, but no such assignee shall have the right, by virtue of such collateral assignment, to become a new member Member hereunder.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
Restrictions on Transfers of Membership Interest. Except as otherwise provided in this Agreement, a Member may not transfer, assign or encumber all or any part of his its Membership Interest in the Company without first obtaining the unanimous written consent of all the Members. This section shall not prohibit the collateral assignment as security of rights to the net profits by any Member, but no such assignee shall have the right, by virtue of such collateral assignment, to become a new member hereunder.
Appears in 1 contract
Samples: Operating Agreement (Stanley-Martin Communities, LLC)
Restrictions on Transfers of Membership Interest. Except as otherwise provided in this Agreement, a Member may not transfer, assign or encumber all or any part of his Membership Interest in the Company without first obtaining the unanimous written consent of all the tire Members. This section shall not prohibit the collateral assignment as security of rights to the net profits by any Member, but no such assignee shall have the right, by virtue of such collateral assignment, to become a new member hereunder.
Appears in 1 contract
Samples: Limited Liability Company Operating Agreement (Stanley-Martin Communities, LLC)
