Common use of Option to Rescind Clause in Contracts

Option to Rescind. If the Court declines to grant preliminary or final approval of this Settlement Agreement, or if such approval is materially modified or set aside on appeal, or if the Court does not enter the Final Judgment as provided in Paragraph 9, or if the Court enters the Final Judgment and appellate review is sought and, as a result of such review, the Effective Date does not occur, then the Settling Defendants and the Plaintiffs shall each, in their respective sole discretion, have the option to rescind this Settlement Agreement in its entirety by providing written notice to the undersigned counsel, by personal delivery, facsimile, email, or by overnight courier within ten (10) business days of the Court’s order declining to preliminarily or finally approve this Settlement Agreement, or a Court order materially modifying the terms of the settlement or setting it aside on appeal, or a Court order declining to enter Final Judgment, or an order on appeal that fails to affirm Final Judgment. A modification or reversal on appeal of the Fee and Cost Amount awarded by the Court, the Class Representatives’ incentive awards, or the Plan of Allocation shall not be deemed a modification of all or part of this Settlement Agreement or the Final Judgment and shall not provide an option to rescind pursuant to this paragraph.