Common use of Condition of Transfer Clause in Contracts

Condition of Transfer. Unless otherwise agreed by the Shareholders, it shall be a condition precedent to the right of any Transferor to transfer Shares that the Transferee (if not already bound by the provisions of this Agreement) executes a Joinder under which the Transferee shall agree to be bound by the obligations and shall be entitled to the benefit of this Agreement as if it is an original party hereto in place of the Transferor. If the Transferor transfers only part of the Shares it holds in the Company, the Transferee holding shares in the Company after such transfer, together with the Transferor, shall collectively be deemed as the “Shareholder” in this Agreement upon such transfer and, the rights of the Transferor under this Agreement shall be exercised collectively.