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Common use of Right to Rescind Clause in Contracts

Right to Rescind. Either Party is entitled to rescind this Contribution Agreement by giving written notice to the officiating notary, if and as soon as: (i) the Annual General Meeting of CECONOMY fails to adopt the AGM Resolutions with the required majority by March 17, 2021 at the latest; or (ii) in the event of possible actions to set aside the AGM Resolutions (Beschlussmängelkla- 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 be- cause a decision is issued rejecting CECONOMY’s request in these proceedings for ap- proval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the notary.

Appears in 2 contracts

Samples: Share Purchase, Contribution and Transfer Agreement, Share Purchase, Contribution and Transfer Agreement

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 AGM Resolutions resolutions envisaged in clause 2.1 with the required majority by March 17, 2021 at the latest(inclusive); or (ii) in the event of possible actions to set aside the AGM Resolutions resolutions envisaged in clauses 2.1 (Beschlussmängelkla- genBeschlussmängelklagen) 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 be- cause because a decision is issued rejecting CECONOMY’s request in these proceedings for ap- proval approval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the offici- ating notary.

Appears in 2 contracts

Samples: Agreement in Principle, Agreement in Principle

Right to Rescind. Either Party is entitled to rescind this Contribution Subscription Agreement by giving written notice to the officiating notary, if and as soon as: (i) the Annual General Meeting of CECONOMY fails to adopt the AGM Resolutions with the required majority by March 17, 2021 at the latest(inclusive); or (ii) in the event of possible actions to set aside the AGM Resolutions (Beschlussmängelkla- genBeschlussmäng- 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 be- cause because a decision is issued rejecting CECONOMYXXXXXXXX’s request in these proceedings for ap- proval approval of entry in the commercial register. The rescission is deemed received by the respective other Party upon receipt by the notary.

Appears in 1 contract

Samples: Subscription Agreement