Transferring Member definition
Examples of Transferring Member in a sentence
If any Member wishes to transfer its interest or any portion thereof (a "Transferring Member") to a Non-Member, it shall first obtain the written approval from all the Members (other than the transferring Member), which approval may be withheld for any reason or no reason, in the sole discretion of such Member or Members.
No transferee may succeed to any portion of the Loss Carryforward Account applicable to the Transferring Member unless the transfer of the Interest or portion of the Interest results in no change in beneficial ownership in the Interest or portion of the Interest.
The value of the benefits shall make explicit allowance for expected future salary growth as determined by the actuary of the Contractor’s Scheme as if the Relevant Transferring Member had continued in employment with the Contractor.
Notwithstanding the foregoing, any transferee of any Transferred Units or other Equity Interests in the Company shall be subject to any and all ownership limitations contained in this Agreement or any other agreement with the Company to which such Transferring Member is a party.
No Transfer of a Membership Interest shall effect a release of the Transferring Member from any liabilities to the Company or the other Members arising from events occurring prior to or in connection with the Transfer.