Assignee’s Rights. Any purported assignment of a Membership Interest or an Economic Interest in the Company that is not in compliance with this Agreement is hereby declared to be null and void and of no force and effect whatsoever. A permitted assignee of any Economic Interest in the Company is entitled to receive distributions of cash or other property from the Company and to receive allocations of the income, gains, credits, deductions, Profits and Losses of the Company attributable to the Economic Interest after the effective date of the assignment. The “effective date” of an assignment of a Membership Interest or an Economic Interest in the Company under the provisions of this Article, except as otherwise consented to by the Members, is the day next following receipt by the Members of written notice of assignment and fulfillment of all conditions precedent to the assignment provided for in this Agreement.
Appears in 4 contracts
Samples: Limited Liability Company Agreement, Limited Liability Company Agreement (Rex Energy Corp), Operating Agreement (Rex Energy Corp)
