Common use of Effect of Permitted Transfer Clause in Contracts

Effect of Permitted Transfer. Any transfer of a Membership Interest that complies with this Agreement shall be effective to assign the right to become a Member, and, without the need for any action or consent of any other Person, a transferee of such Membership Interest shall automatically be admitted as a Member upon execution of an agreement agreeing to be bound by the terms and subject to the conditions of this Agreement. As a condition to the Company’s obligation to effect a transfer permitted hereunder, any transferee of Membership Interests shall be required to become a party to this Agreement as a Member, and shall have all the rights and obligations of a Member hereunder, by executing an Adoption Agreement in such form that is satisfactory to the Managing Member.

Effect of Permitted Transfer. Any transfer Transfer of a Membership Interest that complies with this Agreement shall be effective to assign the right to become a Member, and, without the need for any action or consent of any other Person, a transferee of such Membership Interest shall automatically be admitted as a Member upon its execution of an agreement agreeing to be bound by the terms and subject to the conditions of this Adoption Agreement. As a condition to the Company’s obligation to effect a transfer Transfer permitted hereunder, any transferee of Membership Interests shall be required to become a party to this Agreement as a Member, and shall have all the rights and obligations of a Member hereunder, by executing an Adoption Agreement in the form of Exhibit A or in such other form that is satisfactory to the Managing MemberBoard of Managers.

Effect of Permitted Transfer. Any transfer Transfer of a Membership Interest that complies with this Agreement shall be effective to assign the right to become a Member, and, without the need for any action or consent of any other Person, a transferee of such Membership Interest shall automatically be admitted as a Member upon execution of an agreement agreeing to be bound by the terms and subject to the conditions of this Adoption Agreement. As a condition to the Company’s obligation to effect a transfer Transfer permitted hereunder, any transferee of Membership Interests shall be required to become a party to this Agreement as a Member, and shall have all the rights and obligations of a Member hereunder, by upon executing an Adoption Agreement in such form that is satisfactory to the Managing MemberAgreement.