Common use of CONTINUED RIGHTS OF PURCHASERS Clause in Contracts

CONTINUED RIGHTS OF PURCHASERS. If any of the Purchasers fail to complete a Closing provided for in Section 14.04 then at the sole option of the Vendors, exercisable by delivery of written notice to the Purchasers, any binding agreement provided for in Section 14.04 may be terminated by the Vendors. On delivery by the Vendors of the said notice the Purchasers shall cease to be entitled to the benefits of this Article and the Vendors shall cease to be bound by their respective obligations under such provisions as they relate to the Purchasers whereupon the provisions of Section 14.05 shall apply and for such purpose the Vendors will be deemed not to have received Acceptance Notice(s) which in the aggregate accept the offer to sell all but not less than all of the Offered Interests in accordance with the Offer Notice.