Common use of External administration of relevant issuer Clause in Contracts

External administration of relevant issuer. If the issuer of the Bond or Bank Guarantee is placed under external administration of any nature before Completion, the Buyer must, within 24 hours, secure the Deposit to the Developer by either: (a) providing a replacement Bond or Bank Guarantee by another bond provider or bank reasonably acceptable to the Developer; or (b) payment of the Deposit to the Developer by unendorsed bank cheque, and this clause 10.5 is for the benefit of the Developer and the performance of the obligations by the Buyer pursuant to this clause 10.5 is an essential condition of this contract.

External administration of relevant issuer. If the issuer of the Bond or Bank Guarantee is placed under external administration of any nature before Completion, the Buyer must, within 24 hours, secure the Deposit to the Developer by either: (a) providing a replacement Bond or Bank Guarantee by another bond provider or bank reasonably acceptable to the Developer; or (b) payment of the Deposit to the Developer by unendorsed bank cheque, and this clause 10.5 9.5 is for the benefit of the Developer and the performance of the obligations by the Buyer pursuant to this clause 10.5 9.5 is an essential condition of this contract.

External administration of relevant issuer. ‌ If the issuer of the Bond or Bank Guarantee is placed under external administration of any nature before Completion, the Buyer must, within 24 hours, secure the Deposit to the Developer by either: (a) providing a replacement Bond or Bank Guarantee by another bond provider or bank reasonably acceptable to the Developer; or (b) payment of the Deposit to the Developer by unendorsed bank cheque, and this clause 10.5 9.5 is for the benefit of the Developer and the performance of the obligations by the Buyer pursuant to this clause 10.5 9.5 is an essential condition of this contract.