Common use of Transfer of Company Interest Clause in Contracts

Transfer of Company Interest. (a) Except to the extent permitted pursuant to Sections 5.4 and 5.5(a) and as provided by Section 10.3(a), no Member may Transfer (or ▇▇▇▇▇ ▇ ▇▇▇▇ on) all or any portion of its Company Interest to any Person, unless (i) it has first received prior written consent from all of the other Members, and (ii) such Transfer (or grant of a Lien on) is made in accordance with applicable Law. (b) Any purported Transfer of (or grant of a Lien on) all or any portion of a Member’s Company Interest in breach of the terms of this Agreement shall be null and void ab initio, and the Company shall not recognize any such prohibited Transfer (or such grant of a Lien). (c) The Members agree that notwithstanding anything to the contrary in this Agreement, until the occurrence of the In-Service Date, no Member shall Transfer all or any portion of its Company Interest to any Person other than to the extent permitted pursuant to Section 5.4, unless such Transfer has first been approved in writing by both the Spectra Member and the ▇▇▇▇▇▇▇▇ Member. (d) Upon any Transfer of all or part of a Member’s Company Interest in accordance with this Agreement, such transferee shall be admitted as a Member upon such transferee becoming a party to this Agreement by executing an assumption and adoption agreement in a form reasonably acceptable to all of the other Members.