ASSIGNEE/BANK’S RIGHTS Sample Clauses
The "Assignee/Bank’s Rights" clause defines the rights and powers granted to an assignee or a bank that has received an assignment of rights under the contract, typically as security for a loan or other financial arrangement. This clause usually outlines the circumstances under which the assignee or bank can exercise those rights, such as collecting payments directly from the obligor or enforcing contractual obligations if the assignor defaults. Its core practical function is to protect the interests of the assignee or bank by ensuring they can step in and act to secure repayment or performance, thereby mitigating the risk of non-payment or non-performance by the original party.
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.
ASSIGNEE/BANK’S RIGHTS. The Assignee / Bank reserves the following rights:
ASSIGNEE/BANK’S RIGHTS. The Assignee/Bank reserves the following rights:
a. to bid 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 Purchaser and so declared by the Auctioneer, the Assignee/Bank shall have the liberty to set off the purchase price against the amount due and owing by the Assignor/Borrower under the said Security Documents and all costs and expenses of, in connection with and resulting from the sale;
b. to withdraw, postpone, call off or adjourn the auction sale of the Property at any time prior to the auction date and before the fall of the hammer with or without notice; and
c. to sell the Property withdrawn at any time or times subject to such conditions and provisions whether identical with or differing wholly or in part from the conditions and provisions applicable to the Property to be auctioned at the present auction and in such manner as the Assignee/Bank may think fit.
d. to terminate the auction sale of the Property after the fall of the hammer with notice in writing.
ASSIGNEE/BANK’S RIGHTS. 5.1 Right to Bid