Examples of Permitted Transferee in a sentence
In the case of an assignment, including an assignment pursuant to Section 17.6.5, each Permitted Transferee and any other assignees or transferees of this Lease shall assume in writing all of Tenant’s obligations thereafter arising under this Lease.
If any Member desires to Transfer any Unit(s), other than to a Permitted Transferee, or if, for any reason, all or a portion of such Member’s Units may pass to a party that is not a Permitted Transferee, the Company and the other Members shall have an option to purchase all, but not less than all, such Units, as provided in Article X.
Notwithstanding the foregoing, no party hereto shall avoid the provisions of this Agreement by making one or more Transfers to one or more transferees permitted under this Section 9.1(b) and then disposing of all or any portion of such party’s interest in such transferee if such disposition would result in such transferee ceasing to be a Permitted Transferee.
Notwithstanding the foregoing, the consent of the Founder Entities shall not be required for the Company to amend Exhibit A of this Agreement to include any Permitted Transferee who becomes a party to this Agreement as a Founder Entity pursuant to Section 4.3(a) but failure to update Exhibit A shall not negate such Permitted Entity’s obligations pursuant to this Agreement.
In the event any portion of a Membership Interest Transfers to a Person who is not a Permitted Transferee, the Person receiving such Membership Interests (“Transferee”) shall only receive that share of the allocations under Article VI, distributions, Capital Account and returns of contributions to which the Transferor of such Membership Interest would have otherwise been entitled to receive, until the Transferee becomes a Member.