French term
notification de sortie
"Droit de cession conjointe
Sans préjudice des stipulations de l’Article 7 et de l’Article 9, chaque Partie s’interdit de céder tout ou partie des Valeurs Mobilières qu’elle détient dans la Société (ci-après, l’« Associé Cédant ») sans avoir offert aux autres Parties la possibilité de céder leur Valeurs Mobilières au titre du droit de sortie conjointe qu’elles pourront chacune exercer selon les modalités ci-après définies et dans les circonstances suivantes.
Tout Projet de Transmission par un Associé Cédant sera notifié selon les modalités prévues à l’Article 4.1.1.
Chaque Partie qui entend exercer son droit de sortie conjointe notifiera (ci-après, la « Notification de Sortie ») à l’Associé Cédant et au Mandataire Commun, dans les vingt (20) jours à compter de la réception de la Notification du Projet de Transmission, sa décision de participer à l’opération notifiée.
La Transmission, par l’Associé Cédant, des Valeurs Mobilières concernées par le Projet de Transmission, au Cessionnaire, ne pourra intervenir qu’à la condition que les Valeurs Mobilières détenues par toute autre Partie ayant adressé une Notification de Sortie, soient achetés dans les proportions déterminées à l’Article 6.2 ou à l’Article 6.4, selon le cas, du présent article en même temps et aux mêmes conditions de prix que celles détenues par l’Associé Cédant, ce dernier se portant fort et étant solidaire de l’acquisition des Valeurs Mobilières concernées par le Cessionnaire auprès de la Partie concernée."
This is all about a "tag-along right" (droit de sortie in the above): the right of (usually) minority shareholders, when the majority shareholder finds a buyer for its shares, to require that the purchaser also buys the shares of any minority shareholders which also wish to sortir. In fact in another part of the text the term associés sortants is found.
But what should this be? "Notice/notification of departure", "... of exit", "... of withdrawal"? Or maybe there's a conventional term other than these, because googling on these possibilities hasn't brought up anything conclusive.
4 +1 | Withdrawal Notice | Robert Such |
4 +1 | tag-along (withdrawal) notice | SafeTex |
4 | exit notice | Francois Boye |
Non-PRO (1): TechLawDC
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Proposed translations
Withdrawal Notice
Thanks. "Withdrawal notification" though, I think. See discussion entry. |
tag-along (withdrawal) notice
I certainly don't disagree with Robert's suggestion but if you have already used tag-along rights, then this is a possibility too, making it clear that this is a tag along right.
See reference
Discussion
OTOH in Bridge the term it is translating appears to relate to an action, whereas in the ST ("ayant adressé une notification...") it is clearly an object. However, having looked through the archives here, and also at GDT and elsewhere, I'm tending to agree with the author of the "difference between" page (https://www.differencebetween.com/difference-between-notice-... ): "The word ‘notice’ is used in the sense of ‘observe’ or ‘warning’. On the other hand, the word ‘notification’ is used in the sense of ‘announcement’. This is the main difference between the two words."