Common use of Transferee’s Rights Clause in Contracts

Transferee’s Rights. (a) A transfer of an LLC Interest permitted hereunder shall be effective as of the date of assignment and compliance with the conditions to such transfer and such transfer shall be shown on the books and records of the LLC. Net Income, Net Losses and other LLC items shall be allocated between the transferor and the transferee according to Section 706 of the Code. Distributions made before the effective date of such transfer shall be paid to the transferor, and Distributions made after such date shall be paid to the transferee. (b) Unless and until a transferee becomes a Substituted Member pursuant to Section 8.07, the transferee shall not be entitled to any of the rights granted to a Member hereunder or under applicable law, other than the rights granted specifically to transferees pursuant to this Agreement and to have the other rights granted to transferees pursuant to the Delaware Act.

Transferee’s Rights. (a) A transfer of an LLC Interest Units permitted hereunder shall be effective as of the date of assignment and compliance with the conditions to such transfer and such transfer shall be shown on the books and records of the LLC. Net Income, Net Losses and other LLC items shall be allocated between the transferor and the transferee according to Section 706 of the Code. Distributions made before the effective date of such transfer shall be paid to the transferor, and Distributions made after such date shall be paid to the transferee. (b) Unless and until a transferee becomes a Substituted Member pursuant to Section 8.07, the transferee shall not be entitled to any of the rights granted to a Member hereunder or under applicable law, other than the rights granted specifically to transferees pursuant to this Agreement and to have the other rights granted to transferees pursuant to the Delaware Act.