Abandonment of Agreement. If by reason of the provisions of Paragraphs 11 or 12 above either party is not obligated to effectuate the reorganization, then either party which is not so obligated may terminate and abandon this agreement by delivering to the other party written notice of termination prior to the time of closing, and thereupon this agreement shall be terminated without further obligation or liability upon either party in favor of the other.
Appears in 5 contracts
Samples: Agreement and Plan of Reorganization (Vdo Com Inc), Agreement and Plan of Reorganization (Technol Fuel Conditioners Inc), Agreement and Plan of Reorganization (Adpads Inc)
Abandonment of Agreement. If by reason of the provisions of Paragraphs 11 paragraphs 11. or 12 12. above either party is not obligated to effectuate the reorganization, then either party which is not so obligated may terminate and abandon this agreement by delivering to the other party written notice of termination prior to the time of closing, and thereupon this agreement shall be terminated without further obligation or liability upon either party in favor of the other.
Appears in 2 contracts
Samples: Stock Purchase Agreement (Telnet World Communications), Stock Purchase Agreement (Telnet World Communications)
Abandonment of Agreement. If by reason of the provisions of Paragraphs 11 Sections 1 or 12 2 above herein, either party is not obligated to effectuate the reorganization, then either party which is not so obligated may terminate and abandon this agreement by delivering to the other party written notice of termination prior to the time of closing, and thereupon this agreement shall be terminated without further obligation or liability upon either party in favor of the other.
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