Common use of Purchase Price and Payments Clause in Contracts

Purchase Price and Payments. 6.1. The Purchase Price shall be paid to the Seller on the Registration Date in accordance with the terms of this Agreement and shall be secured by way of: 6.1.1. the Purchaser making payment of a deposit equal to the amount reflected in item D of the Schedule to the Attorneys by way of electronic funds transfer, within 7 (seven) days of the Signature Date; and 6.1.2. the Purchaser furnishing the Attorneys with an irrevocable guarantee/s issued by a recognised commercial bank or financial institution in a form acceptable to the Attorneys, for the balance of the Purchase Price (or by making a payment of the said balance to the Attorneys by way of electronic funds transfer), within 21 (twenty one) days of the Signature Date, provided that if the provisions of clause 5 are applicable, then the Purchaser shall (subject to clause 6.1.2) furnish guarantee/s as aforesaid, within 21 (twenty one) days of fulfilment or waiver, as the case may be, of the last of the condition/s to which this Agreement is subject to. 6.2. In the event that the provisions of clause 5 of the Agreement are applicable, and a mortgage loan is approved for a lesser amount acceptable to the Purchaser (as contemplated in clause 5), then notwithstanding the provisions of clause 6.1, the Purchaser shall provide the Attorneys with payment of (or an acceptable guarantee for) an amount equal to the difference of the amount stipulated in item E and the lesser amount for which the mortgage loan has been approved, by no later than within 7 (seven) days of the mortgage loan being approved. 6.3. The Purchaser shall bear the cost of any guarantee/s issued or to be issued or (for any reason) re-issued, in order to secure the Purchase Price. 6.4. The Purchaser acknowledges that the lapse or withdrawal or purported withdrawal of any guarantee by a guarantor furnished in terms of this Agreement for any reason whatsoever, shall constitute a material breach by the Purchaser of the Purchaser’s obligations to provide a guarantee/s in accordance with this clause 6. 6.5. Any amounts paid by the Purchaser to the Attorneys on account of the Purchase Price shall be held in trust and invested on the Purchaser's behalf in terms of section Section 86(4) of the Legal Practice Act No. 28 of 2014, all interest to accrue for the Purchaser’s account. The Purchaser shall be liable for fees, administration costs and statutory charges relating to the aforesaid investment which the Purchase acknowledges shall be deducted from the accrued interest as a first charge. 6.6. The Purchaser hereby irrevocably authorises the Attorneys to appropriate the interest accrued on monies invested in accordance with clause 6.5 in reduction of amounts that may be owing by the Purchaser in terms of this Agreement. 6.7. The Attorneys are hereby instructed to pay the Purchase Price held by them in trust for the benefit of the Purchaser to the Seller on the Registration Date (and into such bank account that the Seller may nominate in writing). 6.8. The Purchase Price is exclusive of VAT and the Purchaser shall be liable for payment thereof. Such VAT shall be paid or secured by the Purchaser as part of the balance of the Purchase Price, in the manner contemplated in this clause 6 above. 6.9. In the event that the rate at which VAT is charged is amended after the Signature Date, and it is required that the amended rate applies to this transaction, then the Purchaser Price will be adjusted so that the Seller shall, on the Registration Date, receive and retain the amount that would have been due to it after the payment of VAT, as if the VAT rate not been amended. 6.10. All payments to be effected by the Purchaser in terms of this Agreement shall be made to the Attorneys free of exchange and without deduction or set-off. 6.11. Parties who are required to furnish the Attorneys with documentation pursuant to the "Know Your Client" provisions of the Financial Centre Intelligence Act No 38 of 2001 (as amended) and the Foreign Account Tax Compliance Act, 2010 shall provide all such documentation to the Attorneys timeously following request thereof by the Attorneys. The Parties acknowledge they are aware that the Attorneys may not invest or release, as the case may be, any monies unless and until all the required documentation has been furnished to the Attorneys and that the Attorneys will not be liable to account to a Party for any loss of interest in the event that such Party fails provide the Attorneys with the requested documentation.

Purchase Price and Payments. 6.1. The Purchase Price shall be paid to the Seller on the Registration Date in accordance with the terms of this Agreement and shall be secured by way of: 6.1.1. the Purchaser making payment of a deposit equal to the amount reflected in item D Error! Reference source not found. of the Schedule to the Attorneys by way of electronic funds transfer, within 7 (seven) days of the Signature Date; and 6.1.2. the Purchaser furnishing the Attorneys with an irrevocable guarantee/s issued by a recognised commercial bank or financial institution in a form acceptable to the Attorneys, for the balance of the Purchase Price (or by making a payment of the said balance to the Attorneys by way of electronic funds transfer), within 21 (twenty one) days of the Signature Date, provided that if the provisions of clause 5 are applicable, then the Purchaser shall (subject to clause 6.1.2) furnish guarantee/s as aforesaid, within 21 (twenty one) days of fulfilment or waiver, as the case may be, of the last of the condition/s to which this Agreement is subject to. 6.2. In the event that the provisions of clause 5 of the Agreement are applicable, and a mortgage loan is approved for a lesser amount acceptable to the Purchaser (as contemplated in clause 5), then notwithstanding the provisions of clause 6.1, the Purchaser shall provide the Attorneys with payment of (or an acceptable guarantee for) an amount equal to the difference of the amount stipulated in item E and the lesser amount for which the mortgage loan has been approved, by no later than within 7 (seven) days of the mortgage loan being approved. 6.3. The Purchaser shall bear the cost of any guarantee/s issued or to be issued or (for any reason) re-issued, in order to secure the Purchase Price. 6.4. The Purchaser acknowledges that the lapse or withdrawal or purported withdrawal of any guarantee by a guarantor furnished in terms of this Agreement for any reason whatsoever, shall constitute a material breach by the Purchaser of the Purchaser’s obligations to provide a guarantee/s in accordance with this clause 6. 6.5. Any amounts paid by the Purchaser to the Attorneys on account of the Purchase Price shall be held in trust and invested on the Purchaser's behalf in terms of section Section 86(4) of the Legal Practice Act No. 28 of 2014, all interest to accrue for the Purchaser’s account. The Purchaser shall be liable for fees, administration costs and statutory charges relating to the aforesaid investment which the Purchase acknowledges shall be deducted from the accrued interest as a first charge. 6.6. The Purchaser hereby irrevocably authorises the Attorneys to appropriate the interest accrued on monies invested in accordance with clause 6.5 in reduction of amounts that may be owing by the Purchaser in terms of this Agreement. 6.7. The Attorneys are hereby instructed to pay the Purchase Price held by them in trust for the benefit of the Purchaser to the Seller on the Registration Date (and into such bank account that the Seller may nominate in writing). 6.8. The Purchase Price is exclusive of VAT and the Purchaser shall be liable for payment thereof. Such VAT shall be paid or secured by the Purchaser as part of the balance of the Purchase Price, in the manner contemplated in this clause 6 above. 6.9. In the event that the rate at which VAT is charged is amended after the Signature Date, and it is required that the amended rate applies to this transaction, then the Purchaser Price will be adjusted so that the Seller shall, on the Registration Date, receive and retain the amount that would have been due to it after the payment of VAT, as if the VAT rate not been amended. 6.10. All payments to be effected by the Purchaser in terms of this Agreement shall be made to the Attorneys free of exchange and without deduction or set-off. 6.11. Parties who are required to furnish the Attorneys with documentation pursuant to the "Know Your Client" provisions of the Financial Centre Intelligence Act No 38 of 2001 (as amended) and the Foreign Account Tax Compliance Act, 2010 shall provide all such documentation to the Attorneys timeously following request thereof by the Attorneys. The Parties acknowledge they are aware that the Attorneys may not invest or release, as the case may be, any monies unless and until all the required documentation has been furnished to the Attorneys and that the Attorneys will not be liable to account to a Party for any loss of interest in the event that such Party fails provide the Attorneys with the requested documentation.

Purchase Price and Payments. 6.1. The Purchase Price shall be paid to the Seller on the Registration Date in accordance with the terms of this Agreement and shall be secured by way of: 6.1.1. the Purchaser making payment of a deposit equal to the amount reflected in item D 0 of the Schedule to the Attorneys by way of electronic funds transfer, within 7 (seven) days of the Signature Date; and 6.1.2. the Purchaser furnishing the Attorneys with an irrevocable guarantee/s issued by a recognised commercial bank or financial institution in a form acceptable to the Attorneys, for the balance of the Purchase Price (or by making a payment of the said balance to the Attorneys by way of electronic funds transfer), within 21 (twenty one) days of the Signature Date, provided that if the provisions of clause 5 are applicable, then the Purchaser shall (subject to clause 6.1.2) furnish guarantee/s as aforesaid, within 21 (twenty one) days of fulfilment or waiver, as the case may be, of the last of the condition/s to which this Agreement is subject to. 6.2. In the event that the provisions of clause 5 of the Agreement are applicable, and a mortgage loan is approved for a lesser amount acceptable to the Purchaser (as contemplated in clause 5), then notwithstanding the provisions of clause 6.1, the Purchaser shall provide the Attorneys with payment of (or an acceptable guarantee for) an amount equal to the difference of the amount stipulated in item E and the lesser amount for which the mortgage loan has been approved, by no later than within 7 (seven) days of the mortgage loan being approved. 6.3. The Purchaser shall bear the cost of any guarantee/s issued or to be issued or (for any reason) re-issued, in order to secure the Purchase Price. 6.4. The Purchaser acknowledges that the lapse or withdrawal or purported withdrawal of any guarantee by a guarantor furnished in terms of this Agreement for any reason whatsoever, shall constitute a material breach by the Purchaser of the Purchaser’s obligations to provide a guarantee/s in accordance with this clause 6. 6.5. Any amounts paid by the Purchaser to the Attorneys on account of the Purchase Price shall be held in trust and invested on the Purchaser's behalf in terms of section Section 86(4) of the Legal Practice Act No. 28 of 2014, all interest to accrue for the Purchaser’s account. The Purchaser shall be liable for fees, administration costs and statutory charges relating to the aforesaid investment which the Purchase acknowledges shall be deducted from the accrued interest as a first charge. 6.6. The Purchaser hereby irrevocably authorises the Attorneys to appropriate the interest accrued on monies invested in accordance with clause 6.5 in reduction of amounts that may be owing by the Purchaser in terms of this Agreement. 6.7. The Attorneys are hereby instructed to pay the Purchase Price held by them in trust for the benefit of the Purchaser to the Seller on the Registration Date (and into such bank account that the Seller may nominate in writing). 6.8. The Purchase Price is exclusive of VAT and the Purchaser shall be liable for payment thereof. Such VAT shall be paid or secured by the Purchaser as part of the balance of the Purchase Price, in the manner contemplated in this clause 6 above. 6.9. In the event that the rate at which VAT is charged is amended after the Signature Date, and it is required that the amended rate applies to this transaction, then the Purchaser Price will be adjusted so that the Seller shall, on the Registration Date, receive and retain the amount that would have been due to it after the payment of VAT, as if the VAT rate not been amended. 6.10. All payments to be effected by the Purchaser in terms of this Agreement shall be made to the Attorneys free of exchange and without deduction or set-off. 6.11. Parties who are required to furnish the Attorneys with documentation pursuant to the "Know Your Client" provisions of the Financial Centre Intelligence Act No 38 of 2001 (as amended) and the Foreign Account Tax Compliance Act, 2010 shall provide all such documentation to the Attorneys timeously following request thereof by the Attorneys. The Parties acknowledge they are aware that the Attorneys may not invest or release, as the case may be, any monies unless and until all the required documentation has been furnished to the Attorneys and that the Attorneys will not be liable to account to a Party for any loss of interest in the event that such Party fails provide the Attorneys with the requested documentation.