Common use of Right to Rescind Clause in Contracts

Right to Rescind. Either Party is entitled to rescind this Agreement in Principle by giving written notice to the officiating notary, if and as soon as: (i) the annual general meeting of CECONOMY fails to adopt the resolutions envisaged in clause 2.1 with the required majority by March 17, 2021 (inclusive); or (ii) in the event of possible actions to set aside the resolutions envisaged in clauses 2.1 (Beschlussmängelklagen) CECONOMY fails in all proceedings for the approval of entry of the resolutions in the commercial register according to Section 246a German Stock Corporation Act because a decision is issued rejecting CECONOMY’s request in these proceedings for approval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the offici- ating notary.

Right to Rescind. Either Party is entitled to rescind this Contribution Agreement in Principle by giving written notice to the officiating notary, if and as soon as: (i) the annual general meeting Annual General Meeting of CECONOMY fails to adopt the resolutions envisaged in clause 2.1 AGM Resolutions with the required majority by March 17, 2021 (inclusive)at the latest; or (ii) in the event of possible actions to set aside the resolutions envisaged in clauses 2.1 AGM Resolutions (BeschlussmängelklagenBeschlussmängelkla- gen) CECONOMY fails in all proceedings for the approval of entry of the resolutions in the commercial register according to Section 246a German Stock Corporation Act because be- cause a decision is issued rejecting CECONOMY’s request in these proceedings for approval ap- proval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the offici- ating notary.

Right to Rescind. Either Party is entitled to rescind this Subscription Agreement in Principle by giving written notice to the officiating notary, if and as soon as: (i) the annual general meeting Annual General Meeting of CECONOMY fails to adopt the resolutions envisaged in clause 2.1 AGM Resolutions with the required majority by March 17, 2021 (inclusive); or (ii) in the event of possible actions to set aside the resolutions envisaged in clauses 2.1 AGM Resolutions (BeschlussmängelklagenBeschlussmäng- elklagen) CECONOMY fails in all proceedings for the approval of entry of the resolutions resolu- tions in the commercial register according to Section 246a German Stock Corporation Act because a decision is issued rejecting CECONOMY▇▇▇▇▇▇▇▇’s request in these proceedings for approval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the offici- ating notary.