Common use of Transferee Clause in Contracts

Transferee. If a transfer occurs by operation of law or contrary to this Agreement's prohibition on certain transfers, and the transferee is not a Permitted Transferee, the transferee shall not have any right to participate in the management of the business and affairs of the Company or become a Member. For purposes of voting, the Membership Interest of the transferring Member shall not be counted in determining whether votes of the Members constitute joint actions. A transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of contributions to which the transferring Member would otherwise be entitled. Additionally, the transfer shall not relieve a transferring Member of any liability hereunder.

Transferee. If a transfer occurs by operation of law or contrary to this Agreement's ’s prohibition on certain transfers, and the transferee is not a Permitted Transferee, the transferee shall not have any right to participate in the management of the business and affairs of the Company or become a Member. For purposes of voting, the Membership Interest of the transferring Member shall not be counted in determining whether votes of the Members constitute joint actions. A transferee shall only be entitled to receive the share of profits or other compensation by way of income and the return of contributions to which the transferring Member would otherwise be entitled. Additionally, the transfer shall not relieve a transferring Member of any liability hereunder.