Transfers Permitted. Any Member may Transfer all, or any portion of, its Membership Interest to one or more Successors, subject to the prior written approval of the Commissioner and the approval of the majority of the Members. If the necessary approval is not received from the Commissioner and the majority of the Members then the transfer may not take place and the insurance coverage provided to the Successors will be terminated within 90 days of the change in ownership of the Member to the Successor.
Appears in 3 contracts
Sources: Operating Agreement (Inland Diversified Real Estate Trust, Inc.), Operating Agreement (Inland American Real Estate Trust, Inc.), Operating Agreement (Inland Real Estate Corp)