Withdrawal of Assignor. Notwithstanding any provision in the LLC Agreement to the contrary, as of the Closing, (a) Assignor shall be deemed to have automatically withdrawn as a member of the Limited Liability Company and ceased to be a member thereof and shall have no further rights, obligations or liabilities as a member under the LLC Agreement, and (b) Assignee shall automatically be admitted as a member of the Limited Liability Company and succeed to all rights, obligations and liabilities of Assignor thereunder. The withdrawal of Assignor and the admission of Assignee shall be deemed to occur simultaneously.
Appears in 9 contracts
Samples: Membership Interest Purchase, Project Development and Construction Management Agreement, Membership Interest Purchase, Project Development and Construction Management Agreement, Membership Interest Purchase, Project Development and Construction Management Agreement
Withdrawal of Assignor. Notwithstanding any provision in the applicable LLC Agreement to the contrary, as of the Closing, (a) Assignor shall be deemed to have automatically withdrawn as a the sole member of the Limited Liability Company and ceased each Assigned Company, shall cease to be a member thereof and shall have no further rights, obligations or liabilities as a member under the any LLC Agreement, Agreement and (b) Assignee shall automatically be admitted as a the sole member of the Limited Liability each Assigned Company and succeed to all rights, obligations and liabilities of Assignor thereunderunder the LLC Agreements. The withdrawal of Assignor and the admission of Assignee shall be deemed to occur simultaneously.
Appears in 1 contract
Samples: Agreement for Purchase of Membership Interests (Ormat Technologies, Inc.)
