Common use of Effects of Termination by ICN Clause in Contracts

Effects of Termination by ICN. (a) In the event of termination of this Agreement by ICN under Sections 12.2(b) or (d) then all of the rights granted to Schering under this Agreement shall terminate. Except as set forth immediately below in Section 12.6(b), in the event of termination of this Agreement by ICN pursuant to 12.2(c), all of the rights granted to Schering under this Agreement shall terminate. (b) In the event of a material breach by Schering of its obligations under Section 3.1(a) (research and development obligations), or Section 4.1 (diligence in marketing the Product), which material breach is continuing after the cure period provided for in Section 12.2(c), then the rights granted to Schering under this Agreement shall terminate on a country-by-country basis relative to the country of the Territory in which Schering's breach occurred.