Common use of Assignability of Interest Clause in Contracts

Assignability of Interest. Except as otherwise provided in this Article 7, no Member may Transfer the whole or any part of his or her Interest or any fractional or beneficial interest therein. If a Member Transfers an Interest in accordance with this Article 7, such Transfer shall, nevertheless, not entitle the assignee to become a substitute Member or to be entitled to exercise or receive any of the rights, powers or benefits of a Member other than the right to receive distributions to which the assigning Member would be entitled, unless the Manager consents to the admission of such assignee as a Member; and provided further, that such assignee shall not become a substitute Member without having first executed an instrument reasonably satisfactory to the Manager that approved the Transfer, which shall at a minimum include an acceptance and agreement by the substitute Member to abide by all the terms and conditions of this Agreement.