Common use of Transferability of Interests Clause in Contracts

Transferability of Interests. (a) The Member may transfer, sell, assign, mortgage, xxxxx x xxxx on, give or otherwise dispose of (collectively, “Transfer”), whether voluntarily or by operation of law, at judicial sale or otherwise, all or any part of its interest in the Company (the “Membership Interest”). If the Member Transfers all or part of the Membership Interest pursuant to this Section 8, the transferee shall be admitted to the Company as a Member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If the Member Transfers all of the Membership Interest, such admission shall be deemed effective simultaneously with the Transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. If the Member Transfers less than 100% of the Membership Interest, then this Agreement shall be amended to include appropriate provisions, including those relating to partnership accounting and tax issues, necessary to address the fact that the Company has more than one Member.

Transferability of Interests. (a) The Member may transfer, sell, assign, mortgage, xxxxx x xxxx on, give give, or otherwise dispose of (collectively, “Transfer”), whether voluntarily or by operation of law, at judicial sale sale, or otherwise, all or any part of its interest in the Company (the “Membership Interest”). If the Member Transfers all or part of the Membership Interest pursuant to this Section 8, the transferee shall be admitted to the Company as a Member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If the Member Transfers all of the Membership Interest, such admission shall be deemed effective simultaneously with the Transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. If the Member Transfers less than 100% of the Membership Interest, then this Agreement shall be amended to include appropriate provisions, including those relating to partnership accounting and tax issues, necessary to address the fact that the Company has more than one Member.

Transferability of Interests. (a) The Member may transfer, sell, assign, mortgage, xxxxx x xxxx on, give give, or otherwise dispose of (collectively, “Transfer”), whether voluntarily or by operation of law, at judicial sale or otherwise, all or any part of its interest in the Company (the “Membership Interest”). If the Member Transfers all or part of the Membership Interest pursuant to this Section 89, the transferee shall be admitted to the Company as a Member of the Company upon its execution of an instrument signifying its agreement to be bound by the terms and conditions of this Agreement, which instrument may be a counterpart signature page to this Agreement. If the Member Transfers all of the its Membership Interest, such admission shall be deemed effective simultaneously with the Transfer and, immediately following such admission, the transferor Member shall cease to be a member of the Company. If the Member Transfers less than 100% of the Membership Interest, then this Agreement shall be amended to include appropriate provisions, including those relating to partnership accounting and tax issues, necessary to address the fact that the Company has more than one Member.