Common use of Failure to Exercise Right Clause in Contracts

Failure to Exercise Right. The Subscriber's option to purchase the Offered Shares will terminate upon Subscriber's failure to timely respond within such forty-five (45) day period set forth in Section 13(b) above. Any portion of Offered Shares which are not subscribed for by Subscriber may be sold pursuant to the Transfer Notice, and the Company will be free to sell the Offered Shares to the Purchasers. If the Company fails to close a sale to Purchasers within ninety (90) days from the date the Transfer Notice is delivered to Subscriber on the terms set forth in the Transfer Notice, the Subscriber's option to purchase such Offered Shares shall be reinstated.