Transferability of Membership Interests. The Member’s membership interest is transferable either voluntarily or by operation of law. Upon the transfer of the Member’s entire membership interest (other than a transfer as a pledge or security interest as set forth in Section 5.2 below), the Member shall cease to be a Member and shall have no further rights or obligations under this Agreement, except that the Member shall have the right to such information as may be necessary for the computation of the Member’s tax liability.
Transferability of Membership Interests. The Member may transfer, sell, assign, mortgage, xxxxx x xxxx on, give or otherwise dispose of, whether voluntarily or by operation of law, at judicial sale or otherwise, all or any part of its interest in the Company at any time; provided, however, that (i) no transferee shall become a member without the written consent of the Managers and (ii) there shall not at any time be more than one member until this Agreement is amended to provide generally (in addition to Section 1.6 hereof) for having more than one member.
Transferability of Membership Interests. No Member may sell, assign, pledge, mortgage, transfer or convey any Membership Unit without first obtaining the prior written consent of Members holding at least 75% of the Voting Interests of the Company. Any purported sale, assignment, pledge, transfer or conveyance in violation of the provisions of this Agreement shall be void and of no effect against the Company or any Member. If any transfer was made but not approved by 75% of the voting Members, the transferee shall only have the rights afforded to assignees of membership interests under the Act. In addition, any such assignee or transfer shall have no right to the following: (i) no voting rights; (ii) no right to participate in management; (iii) no right of access to any Company records or financial information; (iv) no right to any derivative action against the Company or it Members
Transferability of Membership Interests. TRANSFER OF MEMBERSHIP INTEREST UPON OCCURRENCE OF CERTAIN EVENTS; AND ADMISSION OF MEMBERS.
Transferability of Membership Interests. The term "Transfer" when used in this Agreement with respect to a Membership Interest includes a sale, assignment, gift, pledge, hypothecation, exchange, or other disposition or encumbrance. A Member shall not at any time Transfer his or her Membership Interest except in accordance with the conditions and limitations set out in this Article 9. Any Transfer of a Membership Interest in the Company permissible under this Article 9 shall be effective to give the transferee only the right to receive the share of income, losses, and distributions to which the transferor would otherwise be entitled, and shall not be effective to constitute the transferee a Member of the Company, and shall not entitle the transferee to vote on Company matters. A transferee who does not become a Member of the Company under this Article 9 shall have no rights to exercise the voting rights of the transferred Membership Interest, no right to examine the books or records of the Company, and no rights of any kind whatsoever except as expressly provided in this Article 9, but any attempt by such transferee to further Transfer the Membership Interest owned by the transferee shall be subject to all the terms and provisions of this Article 9. Any transferee shall be admitted as a Member of the Company only upon compliance with the following requirements:
Transferability of Membership Interests. Whether a transfer of a membership interest will be permitted, restricted, or prohibited generally depends upon the identity of the transferee and the nature of the rights obtained by the transferee. Please place in each cell of the following table the appropriate number from the list below to reflect how each type of transfer should be handled in the case of each possible category of transferee: Categories of Possible Transferees Other Members Descendants of Members Spouses of Members Employees of the LLC Anyone Lifetime Gift Lifetime Sale Involuntary Transfers1 Death Possible consequences of proposed transfer:
Transferability of Membership Interests. The term "transfer" when used in this Agreement with respect to a Membership Interest includes a sale, assignment, gift, pledge, exchange or other disposition. A Member shall not at any time transfer his, her, or its Membership Interest except in accordance with the conditions and limitations set out in Section
Transferability of Membership Interests. No Membership Interest shall be transferred voluntarily or involuntarily by sale, assignment, gift, pledge, exchange, or other disposition, except as provided below.
Transferability of Membership Interests. The Member may assign all or any portion of such Member’s interest in the Company at any time. Upon any such assignment, the assignee shall succeed to the rights and obligations of the Member in respect of its interests in the Company so transferred and (i) upon the assignment of 100% of the outstanding interest in the Company held by a single member to one or more assignees, each such assignee shall become a member of the Company and (ii) upon any other assignment of an interest in the Company, such assignee shall become a member in the Company upon the consent of all members other than the assigning member or, if the assigning member shall be the sole member immediately prior to such assignment, upon the consent of such assigning member. Notwithstanding anything to the contrary contained herein, no such transfer of a member’s interest in the Company shall operate to dissolve the Company. Any such transfer of the Member’s interest in the Company shall be memorialized by or at the direction of the Managers in the books and records of the Company.
Transferability of Membership Interests. Notwithstanding anything to the contrary herein, and for the avoidance of doubt, the Member may Transfer all or a portion of its Membership Interest to any collateral agent or financing party (or a designee or transferee thereof) in connection with the exercise by such collateral agent or financing party (or a designee or transferee thereof) of its foreclosure or similar remedial rights pursuant to loan or security documentation to which the Member is a party without the consent of the Manager. Upon any such Transfer, (i) the definition of “Member” in this Agreement shall be deemed to be automatically updated to reflect such Transfer and (ii) each of the officers shall have been deemed to have been removed effective the date of such Transfer, in each case without any consent of the Manager. The execution and delivery of this Agreement by a Member shall constitute any necessary approval of such Member under the Act to the foregoing provisions of this Section . This Section may not be amended or modified so long as any of the Membership Interests are subject to a pledge or hypothecation without the pledgee’s (or the transferee of such pledgee’s) prior written consent.](2)
