Substitution of a Member. (a) A transferee of Units who satisfies the requirements of Sections 11.6 and 11.7 to become a Member shall succeed to all of the rights and interest of its transferor in the Company. A transferee of a Member who does not satisfy such conditions shall not have any right to vote, shall be entitled only to the distributions to which its transferor otherwise would have been entitled and shall have no other right to participate in the management of the business and affairs of the Company or to become a Member, and the approval of such transferee shall not be required for any Major Decision.
Appears in 3 contracts
Samples: Limited Liability Company Agreement (Par Pacific Holdings, Inc.), Limited Liability Company Agreement (Par Pacific Holdings, Inc.), Limited Liability Company Agreement (Delta Petroleum Corp/Co)
Substitution of a Member. (a) A transferee of Units who satisfies the requirements of Sections 11.6 and 11.7 to become a Member shall succeed to all of the rights and interest of its transferor in the Company. A transferee of a Member who does not satisfy such conditions shall not have any right to vote, shall be entitled only to the distributions to which its transferor otherwise would have been entitled and shall have no other right to participate in the management of the business and affairs of the Company or to become a Member, and the approval of such transferee shall not be required for any Major Decision.
Appears in 1 contract
Samples: Limited Liability Company Agreement (Par Petroleum Corp/Co)
