Common use of Transfer of Member’s Interest Clause in Contracts

Transfer of Member’s Interest. Subject to the Securityholders Agreement, a Member may transfer or assign all or part of its interest as a Member in the Company to any Person that agrees in writing to assume the responsibility of a Member under this Agreement. A Person who is so admitted as a Substitute Member or an Additional Member shall thereby become a Member. The Member shall not cease to be a Member upon the collateral assignment of, or the pledging or granting of a security interest in, its entire interest in the Company. No Person may become a Substitute Member except as provided by this Section 5.5.

Appears in 3 contracts

Samples: Limited Liability Company Agreement (PGA Holdings, Inc.), Limited Liability Company Agreement (PGA Holdings, Inc.), Limited Liability Company Agreement (Civitas Solutions, Inc.)

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Transfer of Member’s Interest. Subject to the Securityholders Agreement and any other agreement among the Company and a Member regarding Units held by such Member (including any Management Unit Subscription Agreement), a Member may transfer or assign all or part of its interest as a Member in the Company to any Person that agrees in writing to assume the responsibility of a Member under this Agreement. A Person who is so admitted as a Substitute Member or an Additional Member shall thereby become a Member. The Member shall not cease to be a Member upon the collateral assignment of, or the pledging or granting of a security interest in, its entire interest in the Company. No Person may become a Substitute Member except as provided by this Section 5.5.

Appears in 1 contract

Samples: Limited Liability Company Agreement (DynaVox Inc.)

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