Transfers in Violation of Agreement Not Recognized. Unless effected in accordance with and as permitted by this Agreement, no attempted Transfer or substitution shall be recognized by the Fund, any purported Transfer or substitution not effected in accordance with and as permitted by this Agreement shall, to the fullest extent permitted by law, be void and the Fund shall recognize no rights of the purported Transferee, including the right to receive distributions (directly or indirectly) from the Fund or to acquire an interest in the capital or profits of the Fund. In addition, as a result of such attempted Transfer, the Manager may designate the purported Transferor as a “Defaulting Member”.
Appears in 4 contracts
Samples: Limited Liability Company Agreement (Ridgewood Energy Y Fund LLC), Limited Liability Company Agreement (Ridgewood Energy a-1 Fund LLC), Limited Liability Company Agreement (Ridgewood Energy a-1 Fund LLC)
Transfers in Violation of Agreement Not Recognized. Unless effected in accordance with and as permitted by this Agreement, no attempted Transfer or substitution shall be recognized by the Fund, any purported Transfer or substitution not effected in accordance with and as permitted by this Agreement shall, to the fullest extent permitted by law, be void and the Fund shall recognize no rights of the purported Transferee, including the right to receive distributions (directly or indirectly) from the Fund or to acquire an interest in the capital or profits of the Fund. In addition, as a result of such attempted Transfer, the Manager may designate the purported Transferor as a “Defaulting Member”.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ridgewood Energy X Fund, LLC), Limited Liability Company Agreement (Ridgewood Energy X Fund, LLC)
Transfers in Violation of Agreement Not Recognized. Unless effected in accordance with and as permitted by this Agreement, no attempted Transfer or substitution shall be recognized by the Fund, any purported Transfer or substitution not effected in accordance with and as permitted by this Agreement shall, to the fullest extent permitted by law, be void and the Fund shall recognize no rights of the purported Transferee, including the right to receive distributions (directly or indirectly) from the Fund or to acquire an interest in the capital or profits of the Fund. In addition, as a result of such attempted Transfer, the Manager may designate the purported Transferor as a “Defaulting Member”.
Appears in 2 contracts
Samples: Limited Liability Company Agreement (Ridgewood Energy W Fund LLC), Limited Liability Company Agreement (Ridgewood Energy W Fund LLC)
