Common use of Transfer of Member’s Interest Clause in Contracts

Transfer of Member’s Interest. Subject to the provisions of SECTION 3.3 hereof, a Member may give, sell, assign, pledge, hypothecate, exchange or otherwise transfer to another person any portion of its interest in the Company accordance with the provisions of Section 18-702 of the Act. No person acquiring an interest in the Company pursuant to this SECTION 3.5 shall become a Member unless such person is approved by the vote or written consent of the Managing Member and the Members' holding a Majority Percentage Interest (exclusive of the Member who assigned or proposes to assign such interest) . If no such approval is obtained, such person's interest in the Company shall only entitle such person to receive the distributions and allocations of profits and losses to which the Member from whom or which such person received such interest would otherwise be entitled. Any such approval may be subject to any terms and conditions imposed by the consenting Members.

Transfer of Member’s Interest. Subject to the provisions of SECTION 3.3 hereof, a Member may give, sell, assign, pledge, hypothecate, exchange or otherwise transfer to another person any portion of its interest in the Company accordance with the provisions of Section 18-702 of the Act. No person acquiring an interest in the Company pursuant to this SECTION 3.5 shall become a Member unless such person is approved by the vote or written consent of the Managing Member and the Members' Members holding a Majority Percentage Interest (exclusive of the Member who assigned or proposes to assign such interest) ). If no such approval is obtained, such person's interest Interest in the Company shall only entitle such person to receive the distributions and allocations of profits and losses to which the Member from whom or which such person received such interest would otherwise be entitled. Any such approval may be subject to any terms and conditions imposed by the consenting Members.