Admission of Substitute Members. Upon a transfer of a Unit by a Member in accordance with Article 10 (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 5 contracts
Samples: Operating Agreement (Chaparral CO2, L.L.C.), Operating Agreement (Chaparral CO2, L.L.C.), Operating Agreement (Chaparral CO2, L.L.C.)
Admission of Substitute Members. (a) Upon a transfer of a Unit by a Member in accordance with Article 10 X (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee An Assignee of a Certificate representing a Unit shall be an Assignee not become a Substitute Member with respect to the transferred Unit (whether or not such transferee is then a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 4 contracts
Samples: Operating Agreement (Public Service Co of Oklahoma), Operating Agreement (Public Service Co of Oklahoma), Operating Agreement (Public Service Co of Oklahoma)
Admission of Substitute Members. Upon a transfer of a Unit by a Member in accordance with Article 10 (but not otherwise)Member, the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 3 contracts
Samples: Operating Agreement, Operating Agreement (Chaparral CO2, L.L.C.), Operating Agreement (Chaparral CO2, L.L.C.)
Admission of Substitute Members. Upon a transfer of a Unit by a Member in accordance with Article 10 (but not otherwise)Member, the transferor shall have the power to give, and by transfer of any Certificate certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 2 contracts
Samples: Agreement and Plan of Merger (Chaparral Energy, Inc.), Agreement and Plan of Merger (Edge Petroleum Corp)
Admission of Substitute Members. Upon a transfer of a Unit by a Member in accordance with Article 10 1O (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 1 contract
Admission of Substitute Members. Upon a transfer of a Unit by a Member in accordance with Article Articles 7 and 10 (but not otherwise), the transferor shall have the power to give, and by transfer of any Certificate issued shall be deemed to have given, the transferee the right to apply apply, in writing, to become a Substitute Member with respect to the Unit acquired, subject to the conditions of and in the manner permitted under this Agreement. A transferee of a Certificate representing a Unit shall be an Assignee with respect to the transferred Unit (whether or not such transferee is a Member or Substitute Member with respect to other previously acquired Units) and shall not become a Substitute Member unless and until all of the following conditions are satisfied:
Appears in 1 contract
Samples: Operating Agreement
