Law360, New York ( May 12, 2015, 9:49 AM EDT) -- Governing agreements of closely held entities often contain provisions for "tag-along" and "drag-along" rights, and the terms of these provisions can be structured in various ways. In general, a tag-along right is a contractual obligation that enables a shareholder to participate in the sale of another shareholder's ownership interest, usually on the same terms and conditions as the initiating shareholder. Conversely, a drag-along right is a contractual obligation that enables a shareholder to force other shareholders to participate in the sale of an entire company....
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