Common use of Transfer of Membership Clause in Contracts

Transfer of Membership. Members shall be entitled to transfer their membership, including all its rights and obligations pursuant to this Agreement, to another legal or natural person that meets the Membership Criteria in the following conditions: a) without approval of the Steering Committee if the transferring member transfers its full membership (complete assignment) to an Affiliate in the event of restructuring within a group of companies or if it transfers to the same legal or natural person all its business related to the Substances, or in case of assignment from one Only Representative to another for the same principal; b) with the approval of a Qualified Majority of the Steering Committee in other cases, including in case of partial transfer. The transfer shall be effective only to the extent that the transferring Member has paid all its due contribution to this Agreement and after until the transferee agrees in writing to assume the responsibilities of the transferor in accordance with this Agreement, including but not limited to any outstanding financial obligations.