Common use of Limitations on Free Transferability Clause in Contracts

Limitations on Free Transferability. The Transfer right of a party in Section 8.01 shall be subject to the following terms and conditions: (a) no transferee of all or any part of the Interest of a party shall have any rights hereunder unless and until the transferring party has provided to the other party notice of the Transfer as required by Section 8.03, and the transferee, as of the effective date of the Transfer, has committed in writing to be bound by this Agreement to the same extent as the transferring party; (b) no transfer permitted by this Article 8 shall relieve the transferring party of any liability, whether accruing before or after such Transfer, which arises herein prior to such Transfer; (c) in the event of a Transfer of less than all of an Interest after which the transferring party retains an Interest, it and its transferee shall be treated as one party; (d) if the Transfer is the grant of a security interest by mortgage, deed of trust, pledge, lien or other encumbrance of the Interest of a party to secure a loan or other indebtedness, such security interest shall be subordinate to the terms of this Agreement and the rights and interests of the other party hereunder. Upon any foreclosure or other enforcement of rights in the security interest, the acquiring third party shall be deemed to have assumed the position of the encumbering party with respect to this Agreement and the other party, and it shall comply with and be bound by the terms and conditions of this Agreement.

Limitations on Free Transferability. The Transfer right of a party Party in Section 8.01 15.1 shall be subject to the following terms and conditions: (a1) no No transferee of all or any part of the Interest interest of a party Party to this Agreement shall have any the rights hereunder of a Party, unless and until the transferring party Party has provided to the other party Parties notice of the Transfer as required by Section 8.03Transfer, and the transferee, as of the effective date of the Transfer, has committed in writing to be bound by this Agreement to the same extent and nature as the transferring partyParty; (b2) no transfer permitted by this Article 8 No Transfer shall relieve the transferring party Party of its share of any liability, whether accruing before or after such Transfer, which that arises herein out of Operations conducted prior to such Transfer; (c3) in The transferring Party and the event of a Transfer of less than all of an Interest after which the transferring party retains an Interest, it and its transferee shall be treated as one partybear all tax consequences of the Transfer; (d4) if No such Transfer shall occur within twenty-four (24) months from the date of this Joint Venture Agreement, unless the Transfer is of a security interest to secure a bona fide loan or other bona fide indebtedness; and (5) If the Transfer is the grant of a security interest by mortgage, deed of trust, pledge, lien or other encumbrance of the Interest of a party its interest in this Agreement, to secure Secure a loan or other indebtednessindebtedness of a Party in a bona fide transaction, such security interest shall be subordinate to the terms of this Agreement and the rights and the interests of the other party Parties hereunder. Upon any foreclosure or other enforcement of rights in the security interest, the acquiring third party shall be deemed to have assumed assume the position of the encumbering party with respect to this Agreement and the other partyParties, and it shall comply with and be bound by the terms and conditions of this AgreementArticle XV.

Limitations on Free Transferability. The Transfer right of a party in Section 8.01 9.01 shall be subject to the following terms and conditions: (a) no transferee of all or any part of the Interest of a party shall have any rights hereunder unless and until the transferring party has provided to the other party notice of the Transfer as required by Section 8.039.03, and the transferee, as of the effective date of the Transfer, has committed in writing to be bound by this Agreement to the same extent as the transferring party; (b) no transfer permitted by this Article 8 9 shall relieve the transferring party of any liability, whether accruing before or after such Transfer, which arises herein prior to such Transfer; (c) in the event of a Transfer of less than all of an Interest after which the transferring party retains an Interest, it and its transferee shall be treated as one party; (d) if the Transfer is the grant of a security interest by mortgage, deed of trust, pledge, lien or other encumbrance of the Interest of a party to secure a loan or other indebtedness, such security interest shall be subordinate to the terms of this Agreement and the rights and interests of the other party hereunder. Upon any foreclosure or other enforcement of rights in the security interest, the acquiring third party shall be deemed to have assumed the position of the encumbering party with respect to this Agreement and the other party, and it shall comply with and be bound by the terms and conditions of this Agreement.

Limitations on Free Transferability. The Transfer right of a party in Section 8.01 11.01 shall be subject to the following terms and conditions: (a) no transferee of all or any part of the Interest of a party shall have any rights hereunder unless and until the transferring party has provided to the other party notice of the Transfer as required by Section 8.0311.03, and the transferee, as of the effective date of the Transfer, has committed in writing to be bound by this this--Agreement to the same extent as the transferring party; (b) no transfer permitted by this Article 8 11 shall relieve the transferring party of any liability, whether accruing before or after such Transfer, which arises herein prior to such Transfer; (c) in the event of a Transfer of less than all of an Interest after which the transferring party retains an Interest, it and its transferee shall be treated as one party; (d) if the Transfer is the grant of a security interest by mortgage, deed of trust, pledge, lien or other encumbrance of the Interest of a party to secure a loan or other indebtedness, such security interest shall be subordinate to the terms of this Agreement and the rights and interests of the other party hereunder. Upon any foreclosure or other enforcement of rights in the security interest, the acquiring third party shall be deemed to have assumed the position of the encumbering party with respect to this Agreement and the other party, and it shall comply with and be bound by the terms and conditions of this Agreement.