Valuation and Substitutions of Securities
Conditions of Sale 1. (a) Unless otherwise stated, the sale is subject to a reserve price and the Assignee reserves the right to bid itself or through its agents at the auction without having to pay any deposit whatsoever and in the event of its becoming the successful purchaser shall set off the purchase price [excluding any taxes imposed thereon] against the amount due on the Facilities Agreement, Deed of Assignment and Power of Attorney (“the Facilities Agreement’) as mentioned above on the date of sale including costs and expenses of the sale.