Right of Shareholders to Enforce Provisions of Sponsor Agreements and Bring Derivative Action Sample Clauses

This clause grants shareholders the explicit right to enforce the terms of sponsor agreements and to initiate derivative actions on behalf of the company. In practice, this means that if a sponsor fails to fulfill its obligations under an agreement, shareholders can take legal action to compel compliance or seek remedies, even if the company itself does not act. By empowering shareholders in this way, the clause ensures accountability of sponsors and provides a mechanism for addressing breaches or misconduct that could harm the company or its investors.
Right of Shareholders to Enforce Provisions of Sponsor Agreements and Bring Derivative Action. (a) Each Shareholder shall have the right to institute any legal proceeding against the Sponsor to enforce the provisions of the Sponsor Agreement. (b) Shareholders holding at least ten percent (10%) or more of the Shares shall have the right to cause the Trust to institute any legal proceeding for any remedy available to the Trust as the sole Member of the Sponsor, including bringing a derivative action under the Limited Liability Company Act, and such Shareholders may direct the time, method and place of conducting any such legal proceeding brought by the Trust.
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Right of Shareholders to Enforce Provisions of Sponsor Agreements and Bring Derivative Action 
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Related to Right of Shareholders to Enforce Provisions of Sponsor Agreements and Bring Derivative Action

  • Conditions to Each Party’s Obligation to Effect the Closing The respective obligation of each party to effect the Closing shall be subject to the satisfaction at or prior to the Closing Date of each of the following conditions:

  • Unconditional Right of Securityholders to Institute Certain Suits Notwithstanding any other provision in this Indenture and any provision of any Security, the right of any Holder of any Security to receive payment of the principal of and interest on such Security on or after the respective due dates expressed in such Security, or to institute suit for the enforcement of any such payment on or after such respective dates, shall not be impaired or affected without the consent of such Holder.

  • PROVISIONS OF THIS AGREEMENT APPLICABLE ON ALLOTTEE / SUBSEQUENT ALLOTTEES It is clearly understood and so agreed by and between the Parties hereto that all the provisions contained herein and the obligations arising hereunder in respect of the Project shall equally be applicable to and enforceable against any subsequent Allottees of the [Apartment/Plot], in case of a transfer, as the said obligations go along with the [Apartment/Plot] for all intents and purposes.

  • Limitations of Liability of Trustees and Shareholders of the Company The execution and delivery of this Agreement have been authorized by the Trustees of FAS and signed by an authorized officer of FAS, acting as such, and neither such authorization by such Trustees nor such execution and delivery by such officer shall be deemed to have been made by any of them individually or to impose any liability on any of them personally, and the obligations of this Agreement are not binding upon any of the Trustees or Shareholders of FAS, but bind only the property of FAS, as provided in FAS’s Declaration of Trust.

  • Limitations of Liability of the Trustees and Shareholders A copy of the Trust's Agreement and Declaration of Trust is on file with the Secretary of the Commonwealth of Massachusetts, and notice is hereby given that this instrument is executed by the Trustees as Trustees and not individually and that the obligations of this instrument are not binding upon any of the Trustees, officers or shareholders individually but are binding only upon the assets and property of the appropriate Fund.