Common use of Damages from Failure to Purchase Clause in Contracts

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 3.01(b), FMC shall pay to Program Lender as liquidated damages [**] of the Total Principal Amount of all Seasoned Loans as to which the Purchase Period has expired; provided, however, that if FMC pays said [**] liquidated damages amount and Program Lender subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] liquidated damages amount and (ii) the total amount received by Program Lender for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's obligations with respect to the purchase of such Seasoned Loans, and FMC shall have no further liability to Program Lender with respect thereto. Once the Right of First Refusal Period for a Bank of America DTC Loan has expired, Program Lender shall be under no further obligation to offer such Bank of America DTC Loan to FMC (or a Purchaser Trust) for purchase.

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 3.01(b), FMC shall pay to Program Lender as liquidated damages [**] of the Total Principal Amount of all Seasoned Loans as to which the Purchase Period has expired; provided, however, that if FMC pays said [**] liquidated damages amount and Program Lender subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] liquidated damages amount and (ii) the total amount received by Program Lender for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's ’s obligations with respect to the purchase of such Seasoned Loans, and FMC shall have no further liability to Program Lender with respect thereto. Once the Right of First Refusal Period for a Bank of America DTC Loan has expired, Program Lender shall be under no further obligation to offer such Bank of America DTC Loan to FMC (or a Purchaser Trust) for purchase.

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 3.01(b), FMC shall pay to Program Lender as liquidated damages [**] of the Total Principal Amount of all Seasoned Loans as to which the Purchase Period has expired; provided, however, that if FMC pays said [**] liquidated damages amount and Program Lender subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] liquidated damages amount and (ii) the total amount received by Program Lender for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day thirty-day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's obligations with respect to the purchase of such Seasoned Loansloans, and FMC shall have no further liability to Program Lender with respect thereto. Once the Right of First Refusal Period for a Bank of America DTC Direct to Consumer Loan has expired, Program Lender shall be under no further obligation to offer such Bank of America DTC Direct to Consumer Loan to FMC (or a Purchaser Trust) for purchase.

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 2.02(c) or Section 3.01(b), FMC shall pay to Program Lender GMAC Bank as liquidated damages [**] of the Total Principal Amount of all Seasoned Loans (including any accrued and unpaid or capitalized interest on such Loans) as to which the Purchase Period has expired; provided, however, that if FMC pays said [**] liquidated damages amount and Program Lender GMAC Bank subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] liquidated damages amount and (ii) the total amount received by Program Lender GMAC Bank for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's obligations with respect to the purchase of such Seasoned Loansloans, and FMC shall have no further liability to Program Lender GMAC Bank with respect thereto. Once the Right of First Refusal Period for a GMAC Bank of America DTC Loan has expired, Program Lender GMAC Bank shall be under no further obligation to offer such GMAC Bank of America DTC Loan to FMC (or a Purchaser Trust) for purchase.

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 3.01(b), FMC shall pay to Program Lender as liquidated damages [**] 1% of the Total Principal Amount of all Seasoned Loans as to which the Purchase Period has expired; provided, however, that if FMC pays said [**] 1% liquidated damages amount and Program Lender subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] 1% liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] 1% liquidated damages amount and (ii) the total amount received by Program Lender for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day thirty-day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's ’s obligations with respect to the purchase of such Seasoned Loansloans, and FMC shall have no further liability to Program Lender with respect thereto. Once the Right of First Refusal Period for a Bank of America DTC UFSB Astrive Loan has expired, Program Lender shall be under no further obligation to offer such Bank of America DTC UFSB Astrive Loan to FMC (or a Purchaser Trust) for purchase.

Damages from Failure to Purchase. If FMC or a Purchaser Trust fails to purchase within a Purchase Period (as the same may be extended pursuant to Section 2.02(d)) one or more Seasoned Loans prior to the end of the Purchase Period with respect to such Loans, to the extent such failure is not excused under Section 3.01(b), FMC shall pay to Program Lender as liquidated damages [**] _____% of the Total Principal Amount of all Seasoned Loans as to which the Purchase Period has expired; providedPROVIDED, howeverHOWEVER, that if FMC pays said [**] _____% liquidated damages amount and Program Lender subsequently sells the Seasoned Loans in question to FMC, a Purchaser Trust or any third party during the Right of First Refusal Period, the [**] _____% liquidated damages amount shall be refunded to FMC to the extent the sum of (i) the [**] _____% liquidated damages amount and (ii) the total amount received by Program Lender for such Seasoned Loans exceeds the Minimum Purchase Price (as defined in Section 2.04 and computed as of the actual purchase date). If a failure to purchase is continuing, additional damages may become payable at thirty (30)-day thirty-day intervals as the Purchase Period expires as to additional loans. Such payments shall constitute liquidated damages in full satisfaction of FMC's obligations with respect to the purchase of such Seasoned Loansloans, and FMC shall have no further liability to Program Lender with respect thereto. Once the Right of First Refusal Period for a Bank of America DTC [Product Name] Loan has expired, Program Lender shall be under no further obligation to offer such Bank of America DTC [Product Name] Loan to FMC (or a Purchaser Trust) for purchase.