Common use of Drafts Clause in Contracts

Drafts. This Agreement shall not be binding or effective until properly executed and delivered by the Parties. The delivery by BRI to the Stockholders and the Management Company of an executed counterpart of this Agreement shall constitute an offer which may be accepted by the delivery to BRI of a duly executed counterpart of this Agreement and the satisfaction of all conditions under which such offer is made, but such offer may be revoked by BRI by written notice given at any time prior to such acceptance and satisfaction.