Bronx New York Right of First Refusal and Co-Sale Agreement

Name: Bronx New York Right of First Refusal and Co-Sale Agreement
Brand: US Legal Forms
Rating: 4.83 (299 reviews)

Category:

Corporations - Technology - Investments

State:

Multi-State

County:

Bronx

Control #:

US-TC0211A

Format:

Instant download

Description

This is a "Right of First Refusal and Co-Sale Agreement." It is entered into by the corporation and the purchasers of preferred stock. It gives the company and the purchasers of preferred stock certain rights of refusal and options upon the transfer of stock.

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How to fill out Bronx New York Right Of First Refusal And Co-Sale Agreement?

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FAQ

Tag-along rights also referred to as "co-sale rights," are contractual obligations used to protect a minority shareholder, usually in a venture capital deal. If a majority shareholder sells his stake, it gives the minority shareholder the right to join the transaction and sell their minority stake in the company.

200bDefinition200b A co-sale agreement (co-sale rights or tag-along provision) in a term sheet gives one group of stockholders the right to sell their shares when another group does so, and under the same conditions.

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.

Co-sale rights give investors the right to join in a transaction when the founders sell their stock to a third-party. Co-sale rights, also called tag-along rights, allow investors to sell their shares on the same terms as the founders.

A right of first refusal is a fairly common clause in some business contracts that essentially gives a party the first crack at making an offer in a particular transaction. In real estate terms, the phrase right of first refusal operates similarly.

The co-sale right requires a shareholder (usually the founders or ordinary shareholders), before selling any ordinary shares to a third party (but after going through the ROFR), to allow Investors the opportunity to participate in the sale in proportion to the number of shares held by them.

While the decision to drag or tag can vary from company to company, some basic principles apply to both types of rights. For example, co-owners generally need to give notice before dragging or tagging. If a majority owner doesn't give notice of the sale to his co-owners, then his dragging or tagging attempt could fail.

Right of first refusal and co-sale agreement or ROFR for short, involves an agreement or clause that mandates a party provides notice before a transaction. Additionally, this agreement requires that an option is provided for the other party to refuse this transaction.

A right of first refusal is a contractual right giving its holder the option to transact with the other contracting party before others can. The ROFR assures the holder that they will not lose their rights to an asset if others express interest.

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Renter's Rights and Protections. Under New York State Law.Think of the proprietary lease and shares as a package deal - you get shares in the overall building plus the right to live in the apartment you "bought.". When a new landlord bought their building in the Bronx and threatened to raise rents and kick them out, tenants banded together. The data relating to real estate for sale on this web site comes in part from the participating Brokers. See a Sleep Expert™ in-store, call (877) 316-1269 or chat online for complete details. The South Bronx is an area of the New York City borough of the Bronx. Specified in the agreement, generally the research and development period. The right of legal observers to document police conduct during protests is laid out in the NYPD Patrol Guide.

Bronx New York Right of First Refusal and Co-Sale Agreement

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What are Cosale rights?

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How does a right of co-sale work?

Can you have both drag along and tag-along rights?

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Interesting Questions

What is the Bronx Right of First Refusal?

How does the Co-Sale Agreement work?

Who has the Right of First Refusal in the Bronx?

Why does the Bronx have the Right of First Refusal?

Can the Bronx waive its Right of First Refusal?

What happens if the Bronx exercises its Right of First Refusal?

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