Transfer of Member’s Interest. To the extent any of the following restrictions is not necessary to the Company, in the discretion of the Manager reasonably exercised, the Manager may eliminate or modify any restriction. Subject to the immediately preceding sentence, no assignee of the whole or any portion of a Member’s Interest in the Company shall have the right to become a substituted Member in place of his assignor, unless the following conditions are first met:
Appears in 3 contracts
Samples: Operating Agreement (IMH Financial Corp), Restated Operating Agreement (IMH Secured Loan Fund, LLC), Operating Agreement (Vestin Fund Iii LLC)
Transfer of Member’s Interest. To the extent any of the following restrictions is not necessary to the Company, in the discretion of the Manager reasonably exercised, the Manager may eliminate or modify any restriction. Subject to the immediately preceding sentence, no assignee of the whole or any portion of a Member’s 's Interest in the Company shall have the right to become a substituted Member in place of his assignor, unless the following conditions are first met:
Appears in 2 contracts
Samples: Operating Agreement (Yosemite Mortgage Fund Ii LLC), Operating Agreement (Yosemite Mortgage Fund Ii LLC)
