Assumption by Transferee. Any transferee to whom all or any part of a Membership Interest may be Transferred in accordance with Section 9.1(b) shall take such Membership Interest subject to all of the terms and conditions of this Agreement and shall not be considered to have title thereto until said transferee shall have accepted and assumed the terms and conditions of this Agreement by a written agreement to that effect delivered to the Members, at which time, if the proper consents have been obtained, such transferee shall be admitted as a substitute Member and shall succeed to all rights of his transferor.
Appears in 14 contracts
Samples: Limited Liability Company Agreement (Forbes Energy International, LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC), Limited Liability Company Agreement (Energy Services Puerto Rico LLC)
