Common use of Dismissal of the Action Clause in Contracts

Dismissal of the Action. Upon the Effective Date of this Agreement, the Vernon Adversary Proceeding and the Vernon Claims will be deemed dismissed with prejudice and without costs and the Vernon Parties shall, within three (3) business days from the Effective Date file a notice of dismissal with prejudice in the Vernon Adversary Proceeding and withdraw the Vernon Claims, provided, however, such actions shall not be necessary to effectuate the dismissal of the Vernon Adversary Proceeding or the expungement of the Vernon Claims.