Automatic Substitution. Notwithstanding the provisions of Section 10.4, any Member may Transfer his or her Membership Interest without the consent of the Members to the Member’s spouse or descendants or to a trust for the benefit of the Member’s spouse or descendants or to a family limited partnership that includes the Member, spouse, children or direct descendants of the Member. This Transfer of a Membership Interest may not be effected unless and until the Members receive on behalf of the Company the consents and instruments required by Section 10.1(a). The Transferee will become a substituted Member without further action by the Members.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Operating Agreement (Rex Energy Corp), Operating Agreement (Rex Energy Corp)
