Restrictions on Transfers and Liens. No Member shall create any Liens on all or any portion of its Units. No Member shall Transfer all or any portion of its Units except as permitted by this Article XI. Any attempted creation of a Lien, or Transfer not in accordance with the terms of this Article XI, on all or any portion of Units shall be null and void and of no legal effect.
Appears in 2 contracts
Sources: Limited Liability Company Agreement (Par Pacific Holdings, Inc.), Limited Liability Company Agreement (Par Pacific Holdings, Inc.)
Restrictions on Transfers and Liens. No Member shall create any Liens on all or any portion of its Units. No Member shall Transfer or create a Lien on all or any portion of its Units except as permitted by this Article XI. Any attempted Transfer of, or creation of a LienLien on, or Transfer any portion of Units not in accordance with the terms of this Article XI, on all or any portion of Units XI shall be null and void and of no legal effect.
Appears in 1 contract
Sources: Limited Liability Company Agreement (Delta Petroleum Corp/Co)