Common use of Pending Action Clause in Contracts

Pending Action. Promptly after the execution of this Agreement and pursuant to Rule 41(a)(1)(ii) of the Federal Rules of Civil Procedure, Basil Caloyeras shall and Torotel shall cause all of the defendants in the Pending Action to joi▇▇▇▇ ▇▇▇▇ ▇ ▇▇▇missal without prejudice of the Pending Action. The Caloyeras Shareholders and Caloyeras Family Partnership covenant not to sue Torotel and/or its Board members or officers, and Torotel and its Board members and officers ▇▇venant not to sue any of the Caloyeras Shareholders or the Caloyeras Family Partnership prior to July 31, 2007, ▇r the earlier termination of this Agreement. The Caloyeras Shareholders and the Caloyeras Family Partnership, Torotel and Torotel’s Board members and officers will agree to release any and all claims against each other in the event the shares are purchased pursuant to this option.

Pending Action. Promptly after the execution of this Agreement and pursuant to Rule 41(a)(1)(ii) of the Federal Rules of Civil Procedure, Basil Caloyeras shall and Torotel shall cause all ▇▇▇▇▇ ▇▇▇▇▇ ▇▇▇ of the defendants in the Pending Action to joi▇▇▇▇ ▇▇▇▇ ▇ ▇▇▇missal jointly file a dismissal without prejudice of the Pending Action. The Caloyeras Shareholders and Caloyeras Family Partnership covenant not to sue Torotel and/or its Board members or ▇▇ officers, and Torotel and its Board members and officers ▇▇venant covenant not to sue any of the Caloyeras Shareholders Sharehol▇▇▇s or the Caloyeras Family Partnership prior to July 31, 2007, ▇r or the earlier termination of this Agreement. The Caloyeras Shareholders and the Caloyeras Family Partnership, Torotel and Torotel’s 's Board members and officers will agree to release any and all claims against each other in the event the shares are purchased pursuant to this option.