Common use of Consignment Period Clause in Contracts

Consignment Period. For a period of [__] ([__]) days commencing on the Effective Date (the “Consignment Period”), Consignee will have the exclusive and irrevocable right, but not the obligation, to purchase the Asset for the Purchase Price, as defined below. The Consignment Period shall automatically renew for successive periods of [__] ([__]) days unless the Asset is withdrawn from consignment for purchase by Consignee pursuant to Section 3 below, or this Agreement is terminated pursuant to Section 8 below. Notwithstanding the foregoing, if the Offering is fully funded (meaning at least the minimum offering amount has been received in escrow) but has not yet formally closed before the end of the [__] Consignment Period, the Consignment Period shall, unless otherwise agreed to by the Parties, be deemed to automatically extend through closing of the Offering, after which point the closing of the Purchase will be consummated.