Common use of Conditions Precedent to Transfers Clause in Contracts

Conditions Precedent to Transfers. Any purported Transfer or Encumbrance will be ineffective until the Transferor and his or her Transferee furnish to the Company the instruments and assurances the Managers may request, including without limitation, if requested, an opinion of counsel satisfactory to the Company that the interest in the Company being Transferred or Encumbered has been registered or is exempt from registration under the Securities Act, and applicable state securities laws. Further, the terms of the option to purchase set forth in Section 8.4 shall be complied with before any Transfer is effective.

Conditions Precedent to Transfers. Any purported Transfer or Encumbrance otherwise complying with Section 7.1 will be ineffective until the Transferor transferor and his or her Transferee transferee furnish to the Company the instruments and assurances the Managers may request, including without limitation, if requested, an opinion of counsel satisfactory to the Company that the interest in the Company being Transferred or Encumbered has been registered or is exempt from registration under the Securities Act, Act and applicable state securities laws. Further, the terms of the option to purchase set forth in Section 8.4 shall be complied with before any Transfer is effective.