Common use of Units Only Clause in Contracts

Units Only. Members may Transfer entire Units only. No rights or obligations or interests of a Member of any kind shall be severable from the Units at any time or under any circumstances. Members therefore shall have no right to and shall not Transfer or purport to Transfer any rights or obligations or interests as a Member separate from the Units.

Appears in 2 contracts

Sources: Operating Agreement (Indie Semiconductor, Inc.), Operating Agreement (Thunder Bridge Acquisition II, LTD)