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Right of First Refusal Clause for Shareholders' Agreement

Queens New York Right of First Refusal Clause for Shareholders' Agreement

Name: Queens New York Right of First Refusal Clause for Shareholders' Agreement
Brand: US Legal Forms
Rating: 4.68 (364 reviews)

Category:

Corporations - Shareholders and Stock

State:

Multi-State

County:

Queens

Control #:

US-01770

Format:

Instant download

Description

This is a model clause for a shareholder's agreement addressing Right of First Refusal. If a shareholder wishes to sell shares, the company will be given notice and has the right to buy the shares during a certain limited time period. Adapt to fit your circumstances.

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Within 30 days after receipt of the Seller's Notice, the Company shall have the right to purchase all or any portion of the shares so offered at the price and on the terms and conditions stated in the Seller's Notice.

The right of first refusal granted herein shall terminate (i)with respect to any particular First Refusal Space upon the failure by Tenant to exercise its right of first refusal with respect to the First Refusal Space so offered by Landlord pursuant to the terms of this Section1.

Definition of (the right of) first refusal : the right to have the first choice to buy something on the same terms as offered to someone else.

When a lease contract contains a right of first refusal, the lessor is under a legal duty to the lessee not to sell to anybody at any price until after he has made an offer to sell to the latter at a certain price and the lessee has failed to accept it.

A right of first refusal (ROFR) is an option contract whereby the holder of the right has the future option to purchase property when the owner intends to sell it. The holder of the ROFR has the right to purchase the property prior to any other third party who seeks to purchase it.

Once that is done the ROFR holder has the option of purchasing the property instead or waiving their ROFR and allowing another sale to go through. To get to closing, a title company has to have a signed Waiver of Right of First Refusal document in the file before funding can occur.

A right of the first offer is firmly identified with a right of first refusal, yet the former is considered to support the seller while the latter is considered to support the forthcoming purchaser.

A generic right of first refusal (ROFR) provision that restricts a contracting party from accepting a third-party offer to enter into a specified transaction without first offering the terms proposed by the third party to the holder of the ROFR.

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Under a "right of first offer" (ROFO), the selling shareholder must approach the remaining shareholder before seeking to sell to a third party. The court will consider the clause in the context of the agreement as a whole.Boilerplate clauses are no exception to this rule. The statement added that £2. 5billion will be invested to purchase the shares in the club, with proceeds going to charity and £1. The government, through LHDN, filed a bankruptcy notice in the High Court here on Feb 4 last year against Najib and Nazifuddin as debtors.

Queens New York Right of First Refusal Clause for Shareholders' Agreement

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Interesting Questions

What is a Right of First Refusal Clause?

Why is a Right of First Refusal Clause included in a shareholders' agreement?

Can a shareholder sell their shares without offering them to existing shareholders first?

Can shareholders refuse to purchase the offered shares under the Right of First Refusal Clause?

How is the price determined when a shareholder exercises their Right of First Refusal?

Can the Right of First Refusal Clause be waived?

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