o_1937aahn31ruc1bt9ajr12u811a.pdf

other place as the Vendor directs.
17.3 All payments due to the Vendor under this Contract must be made no later
than 3.00 p.m. on the due date. The Vendor may treat any payment received
after 3.00 p.m. as having been received on the next business day in Melbourne.
18 TIME
In this Contract time is of the essence.
19 PURCHASER’ S DEFAULT
19.1 Without limiting any other rights of the Vendor in relation to termination of this
Contract, the Purchaser will be in default under this Contract upon the
happening of any of the following events:
(a)
an order is made or a resolution is passed for the winding up of the
Purchaser;
(b) the Purchaser goes into liquidation or becomes unable to pay its
debts as and when they become due and payable;
(c) an administrator or trustee in bankruptcy is appointed to the
Purchaser or a receiver of any of its assets is appointed;
(d) execution is levied against the Purchaser and is not satisfied within
thirty (30) days;
(e) except with the Vendor’s consent, if there is a change in the
beneficial ownership of the majority of shares with voting rights in the
Purchaser;
(f)
a guarantor who is a natural person:
(i)
(ii)
(iii)
(iv)
becomes bankrupt;
takes or tries to take advantage of Part X of the Bankruptcy Act
1966;
makes an assignment for the benefit of their creditors; or
enters into a composition or arrangement with their creditors.
19.2 If the Vendor gives to the Purchaser a notice of default under this Contract,
the default will not be remedied until all the following have occurred:
(a)
(b)
the remedy by the Purchaser of the relevant default;
the payment by the Purchaser of all reasonable expenses incurred by
the Vendor as a result of the default including without limitation the
expenses outlined in Special Condition 21.3; and
(c) payment of the Vendor’s solicitor’s legal costs (on a solicitor client
basis) and disbursements incurred in connection with the preparation
and service of the notice of default and any necessary advice.
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