Common use of Transfers/Assignments Clause in Contracts

Transfers/Assignments. The Sole Member shall be permitted to transfer all or any portion of its interest in the Company. The transferee shall be admitted as a member of the Company upon the execution of a counterpart signature page to this Agreement. If the Sole Member transfers its entire interest in the Company pursuant to this Section, such admission shall be deemed effective immediately prior to such transfer and, immediately following such admission, the transferor Sole Member shall cease to be a member of the Company. The transferee shall assume all the rights and obligations of the Sole Member under this Agreement.