Common use of WHERE THE BANK IS THE PURCHASER Clause in Contracts

WHERE THE BANK IS THE PURCHASER. 8.1 In the event that ABB is the successful bidder and so declared the Purchaser by the Auctioneer, ABB shall have the liberty to set-off the Purchase Price against the amount due and owing to ABB by the assignor pursuant to the security documents referred to in the Proclamation of Sale.