Forward Commitment Delivery Clause Samples

Forward Commitment Delivery. (a) Banc One may, from time to time, issue to Seller a Forward Delivery Stipulation Schedule, thereby obligating Banc One to purchase Loans meeting the criteria set forth herein and in such Forward Delivery Stipulation Schedule. The obligation by Banc One to make any such purchase shall be subject to (i) Banc One's prior receipt, and satisfactory review, of the Credit Documents relating to such Loan and (ii) the terms and conditions set forth in the Forward Delivery Stipulation Schedule. A delivery of the Loans pursuant to a Forward Delivery Stipulation Schedule is referred to herein as a "Forward Commitment Delivery." Banc One shall, as set forth in the related Forward Delivery Stipulation Schedules, be obligated to purchase any Loan offered by Seller pursuant to a Forward Commitment Delivery. To the extent that any Forward Delivery Stipulation Schedule conflicts with any provision of this Agreement, the terms of the Forward Delivery Schedule shall control over this Agreement, provided that in no event will Banc One be obligated to perform under any Forward Commitment Delivery if: (i) there shall occur a breach by Seller of any of its representations, warranties, or covenants hereunder; (ii) Banc One shall have given Seller forty-five (45) days prior written notice that the Forward Commitment Delivery will terminate; or (iii) ninety (90) days shall have elapsed since the date of the Forward Delivery Stipulation Schedule. (b) With respect to any offer of Loans that is a Forward Commitment Delivery, Banc One shall have no obligation to purchase any Loan so offered unless (i) delivery of the Loan and all related Loan Documents and Credit Documents are made on or before the Expiration Date set forth in the Forward Delivery Stipulation Schedule, (ii) the Loan conforms to the Underwriting Guidelines and (iii) all other conditions to purchase set forth in the applicable Forward Delivery Stipulation Schedule have been satisfied on or before the Funding Date for such Loan. ARTICLE 3