Common use of BINDING EFFECT; PARTIES IN INTEREST Clause in Contracts

BINDING EFFECT; PARTIES IN INTEREST. This Agreement will be binding upon and inure to the benefit of the respective successors and assigns of the parties hereto and upon the executor or administrator of Optionee's estate or any person entitled to exercise the Company Option or the Xyratex Ltd Option under Optionee's will or the laws of descent and distribution. The provisions of this Agreement are for the sole benefit of the parties hereto and their successors and assigns and the executor or administrator of Optionee's estate or any person entitled to exercise the Company Option or the Xyratex Ltd Option under Optionee's will or the laws of descent and distribution, and they shall not be construed as conferring any rights on any other persons.