Common use of Effect of Exercising the Walk-Away Right Clause in Contracts

Effect of Exercising the Walk-Away Right. If 3M files and serves a written notice exercising its Walk-Away Right in accordance with Paragraph 9.2, this Settlement Agreement shall thereupon terminate, and this Settlement Agreement, 3M’s obligations under it, and all Releases shall become null and void, without prejudice to the ability of each Party, at its own sole option and discretion, to attempt to negotiate a settlement on different terms. In the event of such a termination, no class will be deemed certified as a result of this Settlement Agreement, and the Litigation against any Released Party for all purposes will revert to its status as of the Settlement Date. In such event, no Released Party will be deemed to have consented to certification of any class, and Released Parties will retain all rights to oppose, appeal, or otherwise challenge class certification and any other issue in the Litigation. Likewise, the participation in the Settlement by any Class Representative or Class Member cannot be raised as a defense to its Claims.

Effect of Exercising the Walk-Away Right. If 3M Tyco files and serves a written notice exercising its Walk-Away Right in accordance with Paragraph 9.210.3, this Settlement Agreement shall thereupon terminate, and this Settlement Agreement, 3MTyco’s obligations under it, and all Releases shall become null and void, without prejudice to the ability of each Party, at its own sole option and discretion, to attempt to negotiate a settlement on different terms. In the event of such a termination, no class will be deemed certified as a result of this Settlement Agreement, and the Litigation against any Released Party for all purposes will revert to its status as of the Settlement Date. In such event, no Released Party will be deemed to have consented to certification of any class, and Released Parties will retain all rights to oppose, appeal, or otherwise challenge class certification and any other issue in the Litigation. Likewise, the participation in the Settlement by any Class Representative or Class Member cannot be raised as a defense to its Claims.