TERMINATION OF THE SETTLEMENT. 64. The Settlement is conditioned upon preliminary and final approval of the Parties’ written Settlement Agreement, and all terms and conditions thereof, without material change, material amendments, or material modifications by the Court (except to the extent such changes, amendments or modifications are agreed to in writing between the Parties). All Exhibits attached hereto are incorporated into this Settlement Agreement. Accordingly, this Settlement Agreement shall be terminated and cancelled within ten (10) days of any of the following events:
a. This Settlement Agreement is changed in any material respect (except where otherwise agreed to by the Parties in writing).
b. The Court refuses to grant Preliminary Approval of this Agreement in any material respect;
c. The Court refuses to grant final approval of this Agreement in any material respect; or
d. The Court refuses to enter a final judgment in this Litigation in any material respect.
65. The Settlement Agreement may be terminated and cancelled, at the sole and exclusive discretion of Defendant, if more than 10% of the Settlement Class Members timely and validly exclude themselves from the Settlement.
66. In the event the Settlement Agreement is not approved or does not become final, or is terminated consistent with this Settlement Agreement, the Parties, pleadings, and proceedings will return to the status quo ex ante as if no settlement had been negotiated or entered into, and the Parties will negotiate in good faith to establish a new schedule for the Litigation.
TERMINATION OF THE SETTLEMENT. (a) Lender Plaintiffs, through Lender Plaintiffs’ Counsel, and HSBC, through HSBC’s Counsel, shall, in each of their separate discretions, have the right to terminate the settlement set forth in this Agreement by providing written notice of their election to do so (“Termination Notice”) to all other Parties hereto within thirty (30) days of the date on which any of the following occur:
(i) The Court enters an order declining to enter the Preliminary Approval Order in any material respect adverse to the terminating party;
(ii) The Court enters an order refusing to approve this Agreement or any material part of it adverse to the terminating party;
(iii) The Court enters an order declining to enter the Final Judgment and Order of Dismissal in any material respect adverse to the terminating party;
(iv) The Court enters an Alternative Judgment;
(v) The Final Judgment and Order of Dismissal is modified or reversed by a court of appeal or any higher court in any material respect adverse to the terminating party;
(vi) An Alternative Judgment is modified or reversed by a court of appeal or any higher court in any material respect adverse to the terminating party; or;
(vii) HSBC fails to deposit $4 million into the Settlement Fund pursuant to Paragraph 10(b) hereto.
(b) Notwithstanding this paragraph, the Court’s determination as to the Fee and Expense Application, any application for service awards to any Class Plaintiff, or any Plan of Distribution, or any determination on appeal from any such order, shall not provide grounds for termination of this Agreement or settlement.
(c) Except as otherwise provided herein, in the event the settlement is terminated in accordance herewith, is vacated, is not approved, or the Effective Date fails to occur for any reason, then the Parties to this Agreement shall be deemed to have reverted to their respective status in the Lender Action as of the Execution Date, and, except as otherwise expressly provided herein, the Parties shall proceed in all respects as if this Agreement and any related orders had not been entered. The litigation between the Parties shall be returned, to the maximum extent possible, to the position that existed on December 22, 2017, without waiver or prejudice to the Parties rights, claims, or defenses as they existed on that date, including without limitation HSBC’s and HSBC Holdings plc’s objection to and defense based on a lack of personal jurisdiction, which is expressly preserved; and any judgment or o...
TERMINATION OF THE SETTLEMENT. If the Settlement fails to become effective in accordance with its terms, or if the Final 25 Order and Judgment is not entered or is reversed or vacated on appeal, this Order shall be null and void, 26 the Settlement Agreement shall be deemed terminated, and the Parties shall return to their positions 27 without any prejudice, as provided for in the Settlement Agreement.
TERMINATION OF THE SETTLEMENT. 67. The Settlement is conditioned upon Preliminary Approval and Final Approval of the Settlement Agreement, and all terms and conditions thereof without material change, material amendments, or material modifications by the Court (except to the extent such changes, amendments, or modifications are agreed to in writing between the Parties). All exhibits attached hereto are incorporated into this Settlement Agreement. Accordingly, any Party may elect to terminate and cancel this Settlement Agreement within 10 business days of any of the following events:
a. This Settlement Agreement is changed in any material respect to which the Parties have not agreed in writing;
b. The Court refuses to grant Preliminary Approval of this Agreement even after the renegotiation process described in Paragraph 47(c) of this Agreement;
c. The Court refuses to grant Final Approval of this Agreement in any material respect; or
d. The Court refuses to enter a Final judgment in this Action in any material respect.
68. In the event the Settlement Agreement is not approved or does not become Final, or is terminated consistent with this Settlement Agreement, the Parties, pleadings, and proceedings will return to the status quo ante as if no settlement had been negotiated or entered into, and the Parties will negotiate in good faith to establish a new schedule for the Action. FILED DATE: 11/23/2021 12:32 PM 2020CH00473
TERMINATION OF THE SETTLEMENT. 76. The Settlement is conditioned upon preliminary and final approval of the Parties’ written Settlement Agreement, and all terms and conditions thereof without material change, material amendments, or material modifications by the Court (except to the extent such changes, amendments or modifications are agreed to in writing between the Parties). All Exhibits attached hereto are incorporated into this Settlement Agreement.
TERMINATION OF THE SETTLEMENT. (a) Class Plaintiffs, through OTC Plaintiffs’ Counsel, and Barclays, through Barclays’ Counsel, shall, in each of their separate discretions, have the right to terminate the settlement set forth in this Agreement by providing written notice of their election to do so (“Termination Notice”) to all other Parties hereto within thirty (30) days of the date on which any of the following occur:
(i) The Court enters an order declining to enter the Preliminary Approval Order in any material respect;
(ii) The Court enters an order refusing to approve this Agreement or any material part of it;
(iii) The Court enters an order declining to enter the Final Judgment and Order of Dismissal in any material respect;
(iv) The Court enters an Alternative Judgment;
(v) The Final Judgment and Order of Dismissal is modified or reversed by a court of appeal or any higher court in any material respect; or
(vi) An Alternative Judgment is modified or reversed by a court of appeal or any higher court in any material respect.
(b) Notwithstanding this paragraph, the Court’s determination as to the Fee and Expense Application or any Plan of Distribution, or any determination on appeal from any such order, shall not provide grounds for termination of this Agreement or settlement.
(c) Except as otherwise provided herein, in the event the settlement is terminated in accordance herewith, is vacated, is not approved, or the Effective Date fails to occur for any reason, then the Parties to this Agreement shall be deemed to have reverted to their respective status in the OTC Action as of the Execution Date, and, except as otherwise expressly provided herein, the Parties shall proceed in all respects as if this Agreement and any related orders had not been entered, and any portion of the Settlement Fund previously paid by or on behalf of Barclays, together with any interest earned thereon (and, if applicable, repayment of any Fee and Expense Award referred to in Paragraph 9(a) hereof), less any Taxes due, if any, with respect to such income, and less costs of administration and notice actually incurred and paid or payable from the Settlement Fund (not to exceed $500,000 without the prior approval of the Court) shall be returned to Barclays within ten (10) business days from the date of the Termination Notice. At the request of Barclays’ Counsel, the Escrow Agent shall apply for any tax refund owed on the Settlement Fund and pay the proceeds to Barclays.
(d) Upon application to the Mediator, th...
TERMINATION OF THE SETTLEMENT. 7.1. This Settlement is contingent on Court approval. If the Court fails to grant Final Approval of the Settlement in any material respect, the Settlement will be subject to termination by any Party. Notwithstanding this paragraph, the Court’s order as to the Attorneys’ Xxxx and Costs
7.2. Except as otherwise provided herein, in the event the Settlement is terminated in accordance herewith, is vacated, is not approved, or the Effective Date fails to occur for any reason, then the Parties to this Settlement Agreement shall be deemed to have reverted to their respective status in the Action prior to entering into this Agreement. BANA retains all rights regarding any defenses on the statute of limitations that it had as of April 4, 2024. Further, the Parties agree that BANA reserves and preserves all of its defenses and claims related to the Action, and that the Parties shall thereafter work together to arrive at a mutually agreeable schedule for resuming the Action.
7.3. Except as otherwise expressly provided herein, in the event the Agreement is terminated in accordance herewith, is vacated, nor approved, or the Effective Date fails to occur for any reason, the Parties shall proceed in all respects as if this Agreement and any related orders had not been entered, and any portion of the Settlement Fund previously paid by or on behalf of BANA, together with any interest earned thereon (and, if applicable, re-payment of any Attorneys’ Fees and Costs Award, if any, with respect to such funds) shall be returned to BANA within ten
TERMINATION OF THE SETTLEMENT. This Order shall become null and void and shall be without prejudice to the rights of the Parties, all of whom shall be restored to their respective positions existing immediately before this Court entered this Order, if the Settlement is not finally approved by the Court or is terminated in accordance with the Settlement Agreement. In such event, the Settlement and Settlement Agreement shall become null and void and be of no further force and effect, and neither the Settlement Agreement nor the Court’s orders, including this Order, relating to the Settlement shall be used or referred to for any purpose whatsoever.
TERMINATION OF THE SETTLEMENT. 80. The Settlement is conditioned upon preliminary and final approval of the Parties’ written Settlement Agreement, and all terms and conditions thereof, without material change, material amendments, or material modifications by the Court (except to the extent such changes, amendments or modifications are agreed to in writing between the Parties). All Exhibits attached hereto are incorporated into this Settlement Agreement. Accordingly, either Party may elect to terminate and cancel this Settlement Agreement within 10 days of any of the following events:
a. This Settlement Agreement is changed in any material respect to which the Parties have not agreed in writing;
b. The Court refuses to grant preliminary approval of this Agreement in any material respect;
c. The Court refuses to grant final approval of this Agreement in any material respect;
d. The Court refuses to enter a final judgment in this Litigation in any material respect; or
e. The Court’s order granting preliminary or final approval is substantially modified or reversed.
81. In addition, Defendant may elect to terminate and cancel this Settlement if more than 10% of the Settlement Class Members timely and validly exclude themselves from the Settlement.
82. In the event the Settlement Agreement is not approved or does not become final, or is terminated consistent with the provisions herein, the Parties, pleadings, and proceedings will return to the status quo ante as if no settlement had been negotiated or entered into, and the Parties will negotiate in good faith to establish a new schedule for the Litigation, and the Settlement Fund, less any Administrative Expenses incurred to date, shall remain with Defendant.
TERMINATION OF THE SETTLEMENT. 66. The Settlement is conditioned upon Preliminary Approval and Final Approval of the Settlement Agreement, and all terms and conditions thereof without material change, material amendments, or material modifications by the Court (except to the extent such changes, amendments, or modifications are agreed to in writing between the Parties). All exhibits attached hereto are incorporated into this Settlement Agreement. Accordingly, any Party may elect to terminate and cancel this Settlement Agreement within ten (10) days of any of the following events:
a. This Settlement Agreement is changed in any material respect to which the Parties have not agreed in writing;
b. The Court refuses to grant Preliminary Approval of this Agreement even after the renegotiation process described in Paragraph 47(c) of this Agreement;
c. The Court refuses to grant Final Approval of this Agreement in any material respect; or
d. The Court refuses to enter a Final judgment in this Action in any material respect.
67. In the event the Settlement Agreement is not approved or does not become Final, or is terminated consistent with this Settlement Agreement, the Parties, pleadings, and proceedings will return to the status quo ante as if no settlement had been negotiated or entered into, and the Parties will negotiate in good faith to establish a new schedule for the Action.
