Resignation of Member; No Dissolution. If a Member Transfers all of its interest in the profits, losses and capital of the Company pursuant to Section 9.1 and the transferee of such interest is admitted as a Member pursuant to Section 10.1, such Person shall be admitted to the Company as a Member effective on the effective date of the Transfer or such other date as may be specified when the Member is admitted, and immediately following such admission, the transferor Member shall cease to be a Member of the Company.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp), Limited Liability Company Agreement (Rio Vista Energy Partners Lp)
Resignation of Member; No Dissolution. If a Member Transfers all of --------------------------------------- its interest in the profits, losses and capital of the Company pursuant to Section 9.1 and the transferee of such interest is admitted as a Member pursuant ----------- to Section 10.1, such Person shall be admitted to the Company as a Member ------------- effective on the effective date of the Transfer or such other date as may be specified when the Member is admitted, and immediately following such admission, the transferor Member shall cease to be a Member of the Company.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Penn Octane Corp)
