ABL Obligations Purchase Option Timing Sample Clauses
The "ABL Obligations Purchase Option Timing" clause defines the specific timeframes and conditions under which a party may exercise an option to purchase obligations related to an asset-based lending (ABL) facility. Typically, this clause outlines when the purchase option becomes available, any notice requirements, and the procedural steps that must be followed to complete the purchase. By clearly establishing the timing and process for exercising the purchase option, the clause ensures predictability and coordination among parties, thereby reducing the risk of disputes or delays in the transfer of ABL obligations.
ABL Obligations Purchase Option Timing. (a) The Senior Note Secured Parties shall exercise the purchase option described in Section 3.1 by providing the ABL Agent on behalf of the ABL Lenders and the Junior Note Agent not less than five (5) Business Days’ prior written notice of their exercise thereof, which notice, (i) once given, shall be irrevocable and fully binding on the respective Senior Note Secured Party or Senior Note Secured Parties, and (ii) shall specify a date of purchase not less than five (5) Business Days, nor more than ten (10) Business Days, after the date of the receipt by the ABL Agent of such notice. Neither the ABL Agent nor any ABL Secured Party shall have any disclosure obligation to the Senior Note Agent or any other Senior Note Secured Party in connection with any exercise of such purchase option.
(b) Prior to exercising the purchase option described in Section 3.1, the Junior Note Secured Parties shall provide the Senior Note Agent on behalf of the Senior Note Secured Parties not less than ten (10) Business Days’ prior written notice of their intent to exercise such purchase option. If the Senior Note Secured Parties send notice of the exercise of the purchase option pursuant to Section 3.2(a) within such ten (10) Business Day period, the Junior Note Secured Parties may not exercise the purchase option pursuant to this Section 3.2. If, after the Senior Note Agent receives such notice of intent to exercise such purchase option from the Junior Note Secured Parties, the Senior Note Secured Parties do not send a notice of the exercise of their purchase option pursuant to Section 3.2(a), the Junior Note Secured Parties may exercise the purchase option described in Section 3.1. Any purchase by the Junior Note Secured Parties pursuant to this Section 3.2(b) shall be made by providing the ABL Agent on behalf of the ABL Lenders and the Senior Note Agent not less than five (5) Business Days’ prior written notice of their exercise thereof (which five (5) Business Days shall be in addition to the ten (10) Business Days’ notice required with respect to the Senior Note Agent), which notice, (i) once given, shall be irrevocable and fully binding on the respective Junior Note Secured Party(s), and (ii) shall specify a date of purchase not less than five (5) Business Days, nor more than ten (10) Business Days, after the date of the receipt by the ABL Agent of such notice. Neither the ABL Agent nor any ABL Secured Party shall have any disclosure obligation to the Junior Note Agent ...