Common use of Seller’s Right to Terminate Clause in Contracts

Seller’s Right to Terminate. Prior to Closing, the Sellers may, at any time while a default subsists, give a Notice of Termination to the Purchaser and the Issuer in the event the Purchaser and the Issuer fails, neglect or refuse to pay the Purchase Consideration to the Sellers by way of issuance of the Consideration Shares in accordance with the provisions of Clause 3.2 or is otherwise in material breach of its obligations under this Agreement and which, if capable of rectification, has not been rectified by the Purchaser and/or the Issuer within seven (7) days, or such longer period as may be unanimously agreed among the Parties, of being so requested to do by the Sellers, the Sellers may issue a Notice of Termination to the Purchaser and the Issuer.