Division (ii) Reprivatisation of HPFB, HPBI, ACS or DEPFA plc as a sub-group must, in each case, take place only if and in so far as the following conditions are met with regard to the company in question:

taking into account all contractual obligations and assuming that the underlying financial and balance-sheet-relevant legal conditions are essentially unchanged, the minimum sale proceeds realised are […]; and

the purchaser in each case undertakes to redeem all of HPFB, HPBI, ACS or DEPFA plc's refinancing liabilities with respect to HRE, its subsidiaries and the winding-up institution so that refinancing which is independent of HRE and the winding-up institution can be put in place.