Common use of ASSIGNEE/BANK’S RIGHTS Clause in Contracts

ASSIGNEE/BANK’S RIGHTS. As Purchaser (a) Notwithstanding any provision to the contrary in these Conditions of Sale, the Assignee/Bank shall be entitled to bid for the Property whether by itself or its agent and without having to pay any deposit whatsoever. (b) In the event the Assignee/Bank is declared the Purchaser:- (i) the Assignee/Bank is at liberty to set off the Purchase Price or so much as is applicable against the indebtedness owing to the Assignee/Bank under the loan and the Security Documents on the date of successful sale plus all costs and expenses for the sale and all other costs and expenses whatsoever incidental thereto. (ii) if approvals from any relevant authorities are required in respect of the purchase, then the Assignee/Bank shall apply for the approvals after the successful bid and shall only be required to set off the Purchase Price or so much as is applicable against the indebtedness owing to the Assignee/Bank under the loan and the Security Documents on the date of successful sale plus all costs and expenses for the sale and all other costs and expenses whatsoever incidental thereto within ninety (90) days from the date of receipt by the Assignee/Bank of all the approvals. (iii) for avoidance of doubt, nothing in the foregoing shall restrict the Assignee/Bank's right or discretion to pay the full Purchase Price by way of set off before such approvals have been obtained. (iv) if any of the approvals are not obtained or are obtained but subject to conditions which are not acceptable to the Assignee/Bank, the Assignee/Bank shall be entitled to terminate the purchase of the Property and the Purchase Price or part thereof paid including the deposit which has been paid by way of a reduction of the indebtedness owing to the Assignee/Bank or by way of set off shall be reversed and parties shall be placed back in position as if the sale has not taken place. (v) the Assignee/Bank shall be entitled at its absolute discretion to assign, novate or transfer all or any of its rights, obligations and interests hereunder to a third party in the event that the Assignee/Bank exercises its rights to bid for and/or purchase the Property.