Where a subject to finance clause provides for a lender 'acceptable to the purchaser' with the lender 'to be advised by the purchaser', the purchaser's obligation in deciding whether finance is satisfactory is to act honestly (subjective test), not honestly and reasonably. The acceptability of a lender cannot be divorced from the terms on which the lender offers to lend. A clause making a contract subject to legal and accounting advice as to a deed of co-ownership operates independently, entitling the purchaser to terminate upon receiving genuinely adverse advice without first attempting to negotiate changes to the deed.
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