Examples of Involuntary Transferee in a sentence
The Transferor and the Involuntary Transferee shall each immediately give written notice to the Company describing the event giving rise to the Involuntary Transfer; the date on which the event occurred; the reason or reasons for the Involuntary Transfer; the name, address, and capacity of the Involuntary Transferee; and the Percentage Interest involved (a “Notice of Involuntary Transfer”).
Upon the receipt of such notice, the Company shall have the exclusive right, but not the obligation, within sixty (60) days to elect to purchase, and the Involuntary Transferee shall have the obligation to sell, all (but not less than all) of the Interest acquired by the Involuntary Transferee to the Company.
Unless and until the Involuntary Transferee is admitted as a member by majority consent32 (determined by excluding the Transferor’s Percentage Interest), the Percentage Interest held by the Involuntary Transferee shall have no voting rights.
In the event that the Company and/or the Non-Transferring Members do not purchase all of the Units subject to the Involuntary Transfer in accordance with this Section 8.4, the Involuntary Transferee shall be admitted as a Substituted Member if the conditions set forth in Section 8.1(c) are satisfied.
Unless and until the Involuntary Transferee is admitted as a member, the determination of majority consent for all purposes shall be made by excluding the Percentage Interest held by the Involuntary Transferee.