Common use of ABANDONMENT OF THE DISTRIBUTION Clause in Contracts

ABANDONMENT OF THE DISTRIBUTION. The parties expressly acknowledge and agree that ICN is not obligated in any respect to proceed with or complete the Distribution and that ICN may, in its sole and absolute discretion, at any time abandon its plans to proceed with or complete the Distribution. In the event that ICN so determines that it no longer intends to proceed with or complete the Distribution, ICN shall provide to Ribapharm a written notification of such determination (an "Abandonment Notice"). Effective as of the date of the Abandonment Notice, (a) provided that no Distribution Date has yet occurred, Sections 3.3, 5.2 and 5.3 of this Agreement shall terminate, become null and void and have no further force and effect (it being expressly understood and agreed by the parties that such sections shall remain in full force and effect in the event that a Distribution Date has occurred on or prior to the date of the Abandonment Notice) and (b) ICN's rights, and Ribapharm's obligations, set forth in the Registration Rights Agreement shall immediately become effective.

ABANDONMENT OF THE DISTRIBUTION. The parties expressly acknowledge and agree that ICN is not obligated in any respect to proceed with or complete the Distribution and that ICN may, in its sole and absolute discretion, at any time after October 1, 2003 abandon its plans to proceed with or complete the Distribution. In the event that ICN so determines that it no longer intends to proceed with or complete the Distribution, ICN shall provide to Ribapharm a written notification of such determination (an "Abandonment Notice"). Effective as of the date of the Abandonment Notice, (a) provided that no Distribution Date has yet occurred, Sections 3.3, 5.2 and 5.3 of this Agreement shall terminate, become null and void and have no further force and effect (it being expressly understood and agreed by the parties that such sections shall remain in full force and effect in the event that a Distribution Date has occurred on or prior to the date of the Abandonment Notice) and (b) ICN's rights, and Ribapharm's obligations, set forth in the Registration Rights Agreement shall immediately become effective.

ABANDONMENT OF THE DISTRIBUTION. The parties expressly acknowledge and agree that ICN is not obligated in any respect to proceed with or complete the Distribution and that ICN may, in its sole and absolute discretion, at any time abandon its plans to proceed with or complete the Distribution. In the event that ICN so determines that it no longer intends to proceed with or complete the Distribution, ICN shall provide to Ribapharm a written notification of such determination (an "Abandonment Notice"). Effective as of the date of the Abandonment Notice, (a) provided that no Distribution Date has yet occurred, Sections Section 3.3, 5.2 and 5.3 of this Agreement shall terminate, become null and void and have no further force and effect (it being expressly understood and agreed by the parties that such sections shall remain in full force and effect in the event that a Distribution Date has occurred on or prior to the date of the Abandonment Notice) and (b) ICN's rights, and Ribapharm's obligations, set forth in the Registration Rights Agreement shall immediately become effective.