Common use of Transfer of Membership Interest Clause in Contracts

Transfer of Membership Interest. (a) The Member may not sell, assign, encumber, transfer or otherwise Dispose of any Units of its Membership Interest (or take or omit to take any action, filing, election or other action that could result in a deemed sale, assignment, encumbrance, transfer or other Disposition); provided, however that the Member may make such a transfer to an Affiliate of the Member, which Affiliate shall have a special purpose charter and bylaws substantially similar in all material respects to those of the Member. Any attempted Disposition not in accordance with this Agreement shall be void. (b) Upon the transfer of Units and admission of an additional Member in accordance with this Agreement, this Agreement shall be amended to reflect the admission of the substitute Member, and the Member shall take any action required to record to reflect such admission.

Transfer of Membership Interest. (a) The Member may not sell, assign, encumber, transfer or otherwise Dispose of any Units of its Membership Interest (or take or omit to take any action, filing, election or other action that could result in a deemed sale, assignment, encumbrance, transfer or other Disposition); provided, however that the Member may make such a transfer to an Affiliate of the Member, which Affiliate shall have a special purpose charter and bylaws substantially similar in all material respects to those of the Member. Any attempted Disposition not in accordance with this Agreement shall be void. (b) Upon the transfer of Units and admission of an additional Member in accordance with this Agreement, this Agreement shall be amended to reflect the admission of the substitute Member, and the Member shall take any action required to record to reflect such admission.

Transfer of Membership Interest. (a) The Member may not sell, assign, encumber, transfer or otherwise Dispose of any Units of its Membership Interest (or take or omit to take any action, filing, election or other action that could result in a deemed sale, assignment, encumbrance, transfer or other Disposition); provided, however that the Member may make such a transfer to an Affiliate of the Member, which Affiliate shall have a special purpose charter and bylaws substantially similar in all material respects to those of the Member. Any attempted Disposition not in accordance with this Agreement shall be void. (b) Upon the transfer of Units units and admission of an additional Member in accordance with this Agreement, this Agreement shall be amended to reflect the admission of the substitute Member, and the Member shall take any action required to record to reflect such admission.