Purchase Scheduling Clause Samples
The Purchase Scheduling clause defines how and when purchases are to be made under an agreement. It typically outlines the process for submitting purchase orders, sets timelines for delivery or fulfillment, and may specify minimum or maximum order quantities. By establishing a clear schedule and procedure for purchases, this clause helps both parties coordinate supply and demand, reducing the risk of misunderstandings or delays in the procurement process.
Purchase Scheduling. FMC will use its best efforts to specify Purchase Dates that fall within each May and each November, [**] subject to Section 3.02(b), purchase or cause a Purchaser Trust to purchase [**] all of the Seasoned Loans held by Bank One [**]. FMC shall have the sole and exclusive right to purchase all EDUCATION ONE Loans during the [**] with respect to each Loan, which right may be assigned to one or more Purchaser Trusts. FMC may reschedule the Purchase Date without penalty of any kind, [**]. The [**] with respect to any Loan may be extended for a failure to comply with one or more conditions as set forth in Section 3.01(b). Bank One agrees, in consideration of FMC's undertaking pursuant to this section, not to sell or offer to sell to any third person any interest in any EDUCATION ONE Loan originated by Bank One [**] with respect to such Loan; provided, however, that after expiration of [**] with respect to any EDUCATION ONE Loan, Bank One shall use reasonable efforts to arrange the sale of such EDUCATION ONE Loan and, upon receipt of any bona fide third-party written offer to purchase such EDUCATION ONE Loan received by Bank One [**] with respect to such Loan, Bank One shall provide a copy of the same to FMC, and, in the event that FMC (or a Purchaser Trust) shall fail to purchase such EDUCATION ONE Loan on the terms of such third-party offer or other mutually acceptable terms [**], Bank One shall within its sole discretion be entitled to (i) sell such EDUCATION ONE Loan to any third party or to retain such EDUCATION ONE Loan, in whole or in part, for its own account free and clear of any claim under this Agreement, and/or (ii) immediately terminate this Agreement. If FMC or a Purchaser Trust purchases EDUCATION ONE Loans [**] on the terms of a bona fide third-party written offer or other mutually acceptable terms, FMC shall have no further liability to Bank One with respect to its obligation to purchase such loans [**].
Purchase Scheduling. FMC will [**] specify Purchase Dates that fall within each November and each June, but in any event will, subject to Sections 2.02(d) and 3.01(b), purchase or cause a Purchaser Trust to purchase [**] all of the Seasoned Loans held by Program Lender prior to the expiration [**] for any loan in the Pool (i.e., at least once every [**]). FMC shall have the sole and exclusive right to purchase such Seasoned Loans [**], which right may be assigned to one or more Purchaser Trusts. FMC may reschedule the Purchase Date without penalty of any kind, provided that the Purchase Date occurs prior to [**] (i.e., before any Seasoned Loan then held by Program Lender has been seasoned for [**]. The [**] with respect to any Seasoned Loan may be extended due to lack of volume as set forth in Section 2.02(d) or for a failure to comply with one or more conditions as set forth in Section 3.01(b). Program Lender agrees, in consideration of FMC’s undertaking pursuant to this section, not to sell or offer to sell to any third person any interest in any Seasoned Loan originated by Program Lender [**] with respect to such Seasoned Loan. During [**], if Program Lender receives any bona fide third-party written offer to purchase such Seasoned Loan, and if Program Lender desires to accept such offer, Program Lender shall, prior to accepting any such offer, provide a certificate of an officer of Program Lender, certifying to the terms of same to FMC, and FMC (or a Purchaser Trust) shall have the sole and exclusive right to purchase such Seasoned Loan on the terms of such third-party offer [**] for such Seasoned Loan. If FMC (or a Purchaser Trust) fails to exercise such right [**] with respect to such Seasoned Loan, Program Lender shall within its sole discretion be entitled to: (i) sell such Seasoned Loan to any third party or to retain such Seasoned Loan, in whole or in part, for its own account, free and clear of any claim under this Agreement; and/or (ii) immediately terminate this Agreement.
Purchase Scheduling. FMC will use its best efforts to specify Purchase Dates that fall within [**] and each [**] (commencing in [**] 2003), but in any event will, from and after [**] 2003 and subject to Sections 2.02(c) and 3.01(b), purchase or cause a Purchaser Trust to purchase within a Purchase Period all of the Seasoned Loans held by GMAC Bank prior to the expiration of the Purchase Period for any loan in the Pool. FMC shall have the sole and exclusive right to purchase such GMAC Bank Loans during the Purchase Period, which right may be assigned to one or more Purchaser Trusts. FMC may reschedule the Purchase Date without penalty of any kind, provided that the Purchase Date occurs prior to the conclusion of the Purchase Period. The Purchase Period with respect to any Loan may be extended for a failure to comply with one or more conditions as set forth in Section 3.01(b). GMAC Bank agrees, in consideration of FMC's undertaking pursuant to this section, not to sell or offer to sell to any third person any interest in any GMAC Bank Loan originated by GMAC Bank prior to the end of the Purchase Period with respect to such Loan. During the Right of First Refusal Period, if Program Lender receives any bona fide third-party written offer to purchase such GMAC Bank Conforming Loan, Program Lender shall provide a copy of same to FMC, and FMC (or a Purchaser Trust) shall have the sole and exclusive right to purchase such GMAC Bank Conforming Loan on the terms of such third-party offer or other mutually acceptable terms within the Right of First Refusal Period for such GMAC Bank Conforming Loan. If FMC (or a Purchaser Trust) fails to exercise such right prior to the end of the Right of First Refusal Period with respect to such Loan, Program Lender shall within its sole discretion be entitled to: (i) sell such GMAC Bank Conforming Loan to any third party or to retain such GMAC Bank Conforming Loan, in whole or in part, for its own account, free and clear of any claim under this Agreement; and/or (ii) immediately terminate this Agreement.