Common use of Right to Bring Action Clause in Contracts

Right to Bring Action. A Member may bring an action in the right of the Company as provided elsewhere in this Agreement or if the Manager or the Executive Committee has refused to bring an action upon the request of the Member, and each Member on behalf of itself and the Company hereby waives any requirement of the Act to plead with particularity the effort of such Member to secure initiation of the action by the Manager or the Executive Committee. In such event, it shall be sufficient that the Member bringing the derivative action has made demand on the Manager and the Executive Committee and no such action has been filed within thirty (30) days after such demand was made.