Effect on Transferor and Company. Upon the admission of a Transferee as a Substitute Member, (i) the Transferor shall (A) cease to be a Member with respect to the portion of the Units so Transferred and (B) be released from any obligations arising after the date of such Transfer with respect to the Units so Transferred and (ii) the Transferee will become a Member hereunder with respect to such Units with all the rights and obligations of a Member held by the Transferor in respect of such Units immediately prior to the time of Transfer.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Aemetis, Inc), Limited Liability Company Agreement (Sanchez Energy Corp), Securities Purchase Agreement (Sanchez Energy Corp)
Effect on Transferor and Company. Upon the admission of a Transferee as a Substitute Member, (i) the Transferor shall (A) cease to be a Member with respect to the portion of the Units so Transferred and (B) be released from any obligations arising after the date of such Transfer with respect to the Units so Transferred and (ii) subject to Section 9.10(e), the Transferee will become a Member hereunder with respect to such Units with all the rights and obligations of a Member held by the Transferor in respect of such Units immediately prior to the time of Transfer.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Exco Resources Inc), Limited Liability Company Agreement (Harbinger Group Inc.), Limited Liability Company Agreement (Exco Resources Inc)
Effect on Transferor and Company. Upon the admission of a Transferee as a Substitute Member, (i) the Transferor shall (Ai) cease to be a Member with respect to the portion of the Units Membership Interest so Transferred, (ii) be released from all obligations to make Capital Contributions (other than previous Capital Contributions such Transferor failed to make pursuant to a Capital Default) to the extent such obligations are Transferred and assumed and (Biii) be released from any obligations arising after the date of such Transfer with respect to the Units Membership Interest so Transferred and (ii) the Transferee will become a Member hereunder with respect to such Units with all the rights and obligations of a Member held by the Transferor in respect of such Units immediately prior to the time of TransferTransferred.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ada-Es Inc), Limited Liability Company Agreement (Ada-Es Inc)
Effect on Transferor and Company. Upon the admission of a Transferee as a Substitute Member, (i) the Transferor shall (A) cease to be a Member with respect to the portion of the Units Membership Interests so Transferred and (B) be released from any obligations arising after the date of such Transfer with respect to the Units Membership Interests so Transferred and (ii) the Transferee will become a Member hereunder with respect to such Units Membership Interests with all the rights and obligations of a Member held by the Transferor in respect of such Units Membership Interests immediately prior to the time of Transfer.
Appears in 1 contract
Samples: Limited Liability Company Agreement
Effect on Transferor and Company. Upon the admission of a Transferee as a Substitute Member, (i) the Transferor shall (A) cease to be a Member with respect to the portion of the Membership Units so Transferred and (B) be released from any obligations arising after the date of such Transfer with respect to the Membership Units so Transferred and (ii) the Transferee will become a Member hereunder with respect to such Membership Units with all the rights and obligations of a Member held by the Transferor in respect of such Membership Units immediately prior to the time of Transfer.
Appears in 1 contract
Samples: Limited Liability Company Agreement
