Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 11 contracts
Samples: Limited Liability Company Agreement (Natural Resource Partners Lp), Limited Liability Company Agreement (Paa Natural Gas Storage Lp), Limited Liability Company Agreement (Paa Natural Gas Storage Lp)
Effect of Admission as a Substitute Member. A Unless otherwise provided hereunder, a transferee who has become a substitute Member has, to the extent of the Transferred Membership InterestCompany Units, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest Company Units so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership InterestCompany Units.
Appears in 8 contracts
Samples: Limited Liability Company Agreement (Plains Gp Holdings Lp), Limited Liability Company Agreement (Plains All American Pipeline Lp), Limited Liability Company Agreement (Antero Resources Midstream Management LLC)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred transferred Membership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, under the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred transferred Membership Interest.
Appears in 6 contracts
Samples: Operating Agreement (Duberstein Gary K), Operating Agreement (Chiles Offshore LLC), Operating Agreement (Chiles Magellan LLC)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the CertificateCertificate of Formation of the Company, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Plains All American Pipeline Lp), Limited Liability Company Agreement (Plains All American Pipeline Lp), Limited Liability Company Agreement (Plains All American Pipeline Lp)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership InterestUnits, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest Units so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership InterestUnits.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Calumet Specialty Products Partners, L.P.), Limited Liability Company Agreement (Calumet Specialty Products Partners, L.P.)
Effect of Admission as a Substitute Member. A Unless otherwise provided hereunder, a transferee who has become a substitute Member has, to the extent of the Transferred Membership InterestCompany Units, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest Company Units so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership InterestCompany Units.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Antero Midstream GP LP)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership transferred Interest, all the rights, powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Member under, under the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 1 contract
Samples: Operating Agreement
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership InterestUnits, all the rights, powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Member under, under the CertificateArticles, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest Units so held acquired by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership InterestUnits.
Appears in 1 contract
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership transferred LLC Interest, all the rights, powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Member under, under the Certificate, this Agreement and Agreement, the ActAct and, in the case of a transferee of Series A Preferred Interests, the Registration Rights Agreement. Upon admission of a transferee as a substitute Member, the transferor of the Membership LLC Interest so held acquired by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership transferred LLC Interest.
Appears in 1 contract
Effect of Admission as a Substitute Member. A transferee who has ------------------------------------------ become a substitute Member has, to the extent of the Transferred Membership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member EXECUTION COPY shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Plains All American Pipeline Lp)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership LLC Interest, all the rights, powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Member under, under the Certificate, this Agreement and Agreement, the ActAct and, in the case of a transferee of Series A Preferred Interests, the Registration Rights Agreement. Upon admission of a transferee as a substitute Member, the transferor of the Membership LLC Interest so held acquired by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership LLC Interest.
Appears in 1 contract
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership Interest, all the rights, powers and benefits of, and is subject to the obligations, restrictions and liabilities of a Member under, the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held by the substitute Member EXECUTION COPY shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Plains Resources Inc)
Effect of Admission as a Substitute Member. A transferee who has become a substitute Member has, to the extent of the Transferred Membership Interest, all the rights, powers and benefits of, of and is subject to the obligations, restrictions and liabilities of a Member under, under the Certificate, this Agreement and the Act. Upon admission of a transferee as a substitute Member, the transferor of the Membership Interest so held acquired by the substitute Member shall cease to be a Member of the Company to the extent of such Transferred Membership Interest.
Appears in 1 contract
Samples: Revocation and Substitution Agreement (CareView Communications Inc)
