Opt Out Limit Sample Clauses

Opt Out Limit. If ten (10 or) more of the class opts out of the Settlement, then SMCU, at its sole option, may choose to rescind and void the settlement by providing written notice to Class Counsel within 10 days prior to the final fairness hearing. If SMCU exercises its option to rescind and void the Settlement Agreement, the Parties shall return to the status quo as if the Parties had not entered into the Settlement Agreement, and nothing contained in the Agreement or the settlement negotiations shall be discoverable or admissible in Court.
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Opt Out Limit. If opt-outs result in the exclusion from the settlement of ten percent (10%) or more of the loans otherwise covered by this Settlement, Alltru, in its sole discretion, may either rescind the Agreement, in which event every obligation under the Agreement shall cease to be of any force and effect, and the Agreement and any orders entered in connection therewith shall be vacated, rescinded, canceled, and annulled, or may obtain a pro rata reduction of the Net Distributable Settlement Fund. If Alltru exercises its option to rescind the Agreement, the Parties shall return to the status quo as if the Parties had not entered into the Agreement. In addition, and in such event, the Agreement and all negotiations, court orders, and proceedings relating thereto, shall be without prejudice to the rights of the Parties, and evidence of or relating to the Agreement and all negotiations shall not be admissible or discoverable. Alltru must exercise its option under this Paragraph at least 10 business days before the Final Hearing Date by giving written notice of such exercise to Class Counsel. Alltru may provide such notice by email to Class Counsel. Notwithstanding anything to the contrary in this Agreement, if Alltru exercises its option to rescind this Agreement, it shall reimburse Class Counsel for up to $25,000 for expenses and costs actually incurred by Class Counsel regarding administering this settlement prior to rescission. Such expenses and costs shall not include Class Counsel’s attorney or paralegal fees, for which there is no right to reimbursement.

Related to Opt Out Limit

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