Common use of Purchase and Settlement Clause in Contracts

Purchase and Settlement. Settlement amount The Settlement Amount is NZ$[insert] including GST. Payment must be made in New Zealand dollars. Settlement Settlement must be undertaken by full payment of the Settlement Amount. Settlement on invoice Settlement is due within 10 Working Days of the completion of the Auction. Payment must be made to the Auctioneer with all funds cleared by the date of settlement. Transfers and Creation of Interests by the Purchaser Transfers and creation of interests prohibited The Purchaser must not, during the term of this agreement, except as provided in clause 12, transfer, assign, or create, or purport to transfer, or assign or create, any Registered interest in the Spectrum Licence(s) in favour of any person other than the Purchaser itself or the Crown. To avoid doubt, paragraph (a) does not prohibit the Purchaser from entering into any agreement for a transaction that is conditional upon receiving the consent of the Chief Executive and that will not take effect until the consent of the Chief Executive is received. Chief Executive may give consent The Purchaser may with the prior written consent of the Chief Executive, transfer, assign or create any Registered interest in the Spectrum Licence(s) (and if there are more than one Spectrum Licence, in any of them) in favour of any person other than the Purchaser itself. Consent under paragraph (a) must be applied for no later than 20 Working Days prior to the date of the transaction. Consent subject to conditions If the Chief Executive’s consent is sought under clause 12, the Purchaser must ensure that in the case of a transfer, assignment or other transaction in relation to the Spectrum Licence(s), the proposed transferee, assignee, or other party to such a transaction executes a Sound Broadcasting Spectrum Licence Agreement with the Crown in relation to the Spectrum Licence(s) for which consent to the transaction is sought. The agreement must contain covenants to the same effect and with a term equal to the remaining term of this agreement, including the Service Requirement, the prohibition on transfers and creation of interests as set out in clause 11 and the retention of a Caveat on the Spectrum Licence(s) in favour of the Crown as set out in clause 29.

Purchase and Settlement. Settlement amount The Settlement Amount is NZ$[insert] including GST. Payment must be made in New Zealand dollars. Settlement Settlement must be undertaken by full payment of the Settlement Amount. Settlement on invoice Settlement is due within 10 Working Days of the completion of the Auction. Payment must be made to the Auctioneer with all funds cleared by the date of settlement. Transfers and Creation of Interests by the Purchaser Transfers and creation of interests prohibited The Purchaser must not, during the term of this agreement, except as provided in clause 124.2, transfer, assign, or create, or purport to transfer, or assign or create, any Registered interest in the Spectrum Licence(s) in favour of any person other than the Purchaser itself or the Crown. To avoid doubt, paragraph (a) does not prohibit the Purchaser from entering into any agreement for a transaction that is conditional upon receiving the consent of the Chief Executive and that will not take effect until the consent of the Chief Executive is received. Chief Executive may give consent The Purchaser may with the prior written consent of the Chief Executive, transfer, assign or create any Registered interest in the Spectrum Licence(s) (and if there are more than one Spectrum Licence, in any of them) in favour of any person other than the Purchaser itself. Consent under paragraph (a) must be applied for no later than 20 Working Days prior to the date of the transaction. Consent subject to conditions If the Chief Executive’s consent is sought under clause 124.2, the Purchaser must ensure that in the case of a transfer, assignment or other transaction in relation to the Spectrum Licence(s), the proposed transferee, assignee, or other party to such a transaction executes a Sound Broadcasting Spectrum Licence Agreement with the Crown in relation to the Spectrum Licence(s) for which consent to the transaction is sought. The agreement must contain covenants to the same effect and with a term equal to the remaining term of this agreement, including the Service Requirement, the prohibition on transfers and creation of interests as set out in clause 11 4.1 and the retention of a Caveat on the Spectrum Licence(s) in favour of the Crown as set out in clause 297.1.