Common use of Sale or Transfer Defined Clause in Contracts

Sale or Transfer Defined. The phrase "sale or transfer" includes any sale, pledge, encumbrance, gift, bequest, or other transfer of any Units, whether or not the transfer would be made (i) for value, or (ii) to another Owner, or (iii) voluntarily or involuntarily or by operation of law, or (iv) during an Owner's lifetime or upon an Owner's death.

Sale or Transfer Defined. The phrase "sale or transfer" includes any sale, pledge, encumbrance, gift, bequest, or other transfer of any Unitsmembership interest, whether or not the transfer would be made (i) for value, or (ii) to another OwnerMember, or (iii) voluntarily or involuntarily or by operation of law, or (iv) during an Owner's a Member’s lifetime or upon an Owner's a Member’s death.