Effect of Unauthorized Transfer. No transfer or other disposition of any Membership Interest in violation of any provision of this Agreement will be effective to pass any title to, or create any interest in favor of, any Person, but the Member which attempted to so effect such transfer or other disposition will be deemed to have committed a material breach of its obligations to the other Member hereunder.
Appears in 3 contracts
Sources: Limited Liability Company Agreement, Limited Liability Company Agreement (Valuevision International Inc), Limited Liability Company Agreement (Polo Ralph Lauren Corp)