Sale or Assignment of Interest. A member’s interest in the Company may be sold or assigned first to the another members of the Company in proportion to their membership interests, and second to a third party with the written consent of all remaining members provided that the sale or assignment would not entitle any creditor of the Company to declare a default on the terms of any credit extended to the Company (“Default Restriction”). The offer to purchase must be made in writing, set forth the purchase price and other material terms of the proposed sale or assignment and delivered to each member of the Company (“Offer Notice”).
Appears in 53 contracts
Samples: Operating Agreement, Operating Agreement, Operating Agreement
