Common use of Rights to Bid Clause in Contracts

Rights to Bid. Notwithstanding any provisions to the contrary stated in other clauses of this Conditions of Sale, the Assignee / Bank shall be entitled to make a bid for the Property with or without having to deposit with the Auctioneer the requisite ten per centum (10%) of the Reserve Price, by itself or its agent. In the event that the Assignee / Bank is the successful bidder and so declared by the Auctioneer, the Assignee / Bank shall have the liberty to set off the purchase price (subject to any others taxes implemented, whenever applicable) against the amount due and owing by the Assignor / Borrower under the said Facility Agreement and Assignment and Power of Attorney and all costs and expenses of, in connection with and resulting from the sale. 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 (subject to any others taxes implemented, whenever applicable) against the amount due and owing by the Assignor under the said Facility Agreement, Assignment and Power of Attorney and all costs and expenses of, in connection with and resulting from the sale within NINETY (90) days from the date of the receipt by the Assignee / Bank of all the approvals. If any of the approvals are not obtained or are obtained but subject to conditions, which are not acceptable to the Assignee / Bank, then the Assignee / Bank shall be entitled to terminate the purchase of the Property and the purchase price (subject to any others taxes implemented, whenever applicable) or any part thereof (including if a deposit has been paid by way of a reduction of the amount due and owing by the Assignor) paid by the Assignee / Bank by way of set off (if any) shall be reversed and parties shall be placed back in position as if this sale has not taken place. For avoidance of doubt, nothing in the foregoing shall restrict the Assignee / Bank’s rights or discretion to pay the full purchase price (subject to any others taxes implemented, whenever applicable) by way of set off before the approvals have been obtained. The Assignee / Bank shall also 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.