Common use of Effect of a Termination Clause in Contracts

Effect of a Termination. 170. The grounds upon which this Agreement may be terminated are set forth in paragraphs 166 and 167 hereof. In the event of a termination as provided therein, this Agreement shall be considered null and void; all of TD Bank’s obligations under the Settlement shall cease to be of any force and effect; all amounts in the Settlement Fund shall be returned to TD Bank in accordance with paragraph 168 hereof; and the Parties shall return to the status quo ante in the Action as if the Parties had not entered into this Agreement. In addition, in the event of such a termination, all of the Parties’ respective pre-Settlement claims and defenses will be preserved, including, but not limited to, Plaintiffs’ rights to seek certification of one or more litigation classes and TD Bank’s rights to oppose certification, or seek decertification, of any litigation class on any grounds. 171. In the event of a termination as provided in paragraph 166 and/or 167 hereof, and after payment of any invoices or other fees or expenses mentioned in this Agreement that have been incurred and are due to be paid from the Escrow Account, the Escrow Agent shall return the balance of the Settlement Fund to TD Bank within seven days of termination. Except in the event any term of this Agreement has been breached, TD Bank shall have no right to seek reimbursement from Plaintiffs or Class Counsel for any funds disbursed from the Escrow Account pursuant to paragraph 168 hereof or for any invoices or other fees or expenses mentioned in this Agreement that have been incurred and are due to be paid from the Escrow Account.

Effect of a Termination. 170130. The grounds upon which this Agreement may be terminated are set forth in paragraphs 166 126 and 167 127 hereof. In the event of a termination as provided therein, this Agreement shall be considered null and void; all of TD U.S. Bank’s obligations under the Settlement shall cease to be of any force and effect; all the amounts in the Settlement Fund shall be returned to TD U.S. Bank in accordance with paragraph 168 128 hereof; and the Parties shall return to the status quo ante in the Action as if the Parties had not entered into this Agreement. In addition, in the event of such a termination, all of the Parties’ respective pre-Settlement rights, claims and defenses will be retained and preserved, including, but not limited to, Plaintiffs’ rights to seek certification of one or more litigation classes and TD including U.S. Bank’s rights to oppose certification, or seek decertification, of any litigation class on any groundsin connection with its arbitration defense. 171131. In the event of a termination as provided in paragraph 166 126 and/or 167 127 hereof, and after payment of any invoices or other fees or expenses mentioned in this Agreement that have been incurred and are due to be paid from the Escrow Account, the Escrow Agent shall return the balance of the Settlement Fund to TD U.S. Bank within seven days of termination. Except in the event any term of this Agreement has been breached, TD U.S. Bank shall have no right to seek reimbursement from Plaintiffs or Class Counsel for any funds disbursed from the Escrow Account pursuant to paragraph 168 103 hereof or for any invoices or other fees or expenses mentioned in this Agreement that have been incurred and are due to be paid from the Escrow Account.