Non-Assignability of Obligations. Each Member acknowledges and agrees that the rights and obligations under Sections 15.2 through 15.5 and 15.7 may not be assigned by Morgans or DLJMB to any Person. In the event that Morgans or DLJMB Transfers all of its Interest in the Company to any Person, each of Morgans and DLJMB shall remain obligated to fully pay and perform its obligations under such provisions, notwithstanding that it may no longer be a Member.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Hard Rock Hotel Holdings, LLC)
Non-Assignability of Obligations. Each Member acknowledges and agrees that the rights and obligations under Sections 15.2 through 15.5 and 15.7 may not be assigned by Morgans or any DLJMB Indemnitor to any Person. In the event that Morgans or a DLJMB Indemnitor Transfers all of its Interest in the Company to any Person, each of Morgans and such DLJMB Indemnitor shall remain obligated to fully pay and perform its obligations under such provisions, notwithstanding that it may no longer be a Member.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Hard Rock Hotel Holdings, LLC)