Common use of Transfers of Interests Clause in Contracts

Transfers of Interests. (a) The Member may sell, transfer, assign, exchange, mortgage, pledge, grant a security interest in, or otherwise dispose of or encumber all or any part of its interest in the Company (including, without limitation, the right to receive distributions and allocations of profits and losses) as it may determine in its sole discretion. (b) In the event of any transfer of all or any part of an interest in the Company in accordance with Section 13(a), the transferee shall be deemed, and shall be admitted as, a substitute Member upon the transferee’s execution and delivery to the Company of a counterpart of this Agreement, evidencing the transferee’s agreement to be bound by all of the terms and conditions of this Agreement. Any such transferee may be admitted to the Company as a Member and may receive interest in the Company without making a contribution or being obligated to make a contribution to the Company.

Transfers of Interests. (a) The Member may sell, transfer, assign, exchange, mortgage, pledge, grant a security interest in, or ‘otherwise dispose of or encumber all or any part of its interest in the Company (including, without limitation, the right to receive distributions and allocations of profits and losses) as it may determine in its sole discretion. (b) In the event of any transfer of all or any part of an interest in the Company in accordance with Section 13(a), the transferee shall be deemed, and shall be admitted as, a substitute Member upon the transferee’s execution and delivery to the Company of a counterpart of this Agreement, evidencing the transferee’s agreement to be bound by all of the terms and conditions of this Agreement. Any such transferee may be admitted to the Company as a Member and may receive interest in the Company without making a contribution or being obligated to make a contribution to the Company.