Common use of Administrator’s and Purchaser’s Rights Clause in Contracts

Administrator’s and Purchaser’s Rights. In the case of any event specified in Section 1.12(d)(i) above, the Administrator shall promptly so notify the Purchasers and the Seller thereof, and in the case of an event specified in Section 1.12(d)(ii) or (e) above, such Purchaser shall promptly so notify the Administrator and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrator shall promptly send copies of such notice and certificate to the other Purchasers and the Seller. (i) Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (x) the Purchasers, in the case of such notice given by the Administrator, or (y) such Purchaser, in the case of such notice given by such Purchaser, to allow the Seller to select, convert to or renew an Investment under the affected Discount Rate Option shall be suspended (to the extent of the affected Discount Rate Option or the applicable Yield Periods) until the Administrator shall have later notified the Seller, or such Purchaser shall have later notified the Administrator, of the Administrator’s or such Purchaser’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. (ii) If at any time the Administrator makes a determination under clause (d)(i), (x) if the Seller has previously notified the Administrator of its selection of, conversion to or renewal of a an affected Discount Rate Option, and such Discount Rate Option has not yet gone into effect, absent due notice from the Seller of revocation, conversion or prepayment, such notification shall be deemed to provide for selection of, conversion to or renewal of the Base Rate Option otherwise available with respect to such Investments in the amount specified therein and (y) any outstanding affected Investments shall be deemed to have been converted into Base Rate Investments immediately or, in the case of Term Rate Investments, at the end of the applicable Yield Period. (iii) If any Purchaser notifies the Administrator of a determination under clause(d)(ii) or (e), the Seller shall, subject to the Seller’s obligation to pay any Termination Fees, as to any Investment of the Purchaser to which an affected Discount Rate Option applies, on the date specified in such notice either convert such Investment to the Base Rate Option otherwise available with respect to such Investment or prepay such Investment. Absent due notice from the Seller of conversion or prepayment, such Investment shall automatically be converted to the Base Rate Option otherwise available with respect to such Investment upon such specified date.

Appears in 3 contracts

Samples: Receivables Purchase Agreement (Wesco International Inc), Receivables Purchase Agreement (Wesco International Inc), Receivables Purchase Agreement (Wesco International Inc)

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Administrator’s and Purchaser’s Rights. In the case of any event specified in Section 1.12(d)(i4(j)(i) above, the Administrator shall promptly so notify the Purchasers and the Seller thereof, and in the case of an event specified in Section 1.12(d)(ii) or (e4(j)(ii) above, such Purchaser shall promptly so notify the Administrator and endorse a certificate to such notice as to the specific circumstances of such notice, and the Administrator shall promptly send copies of such notice and certificate to the other Purchasers and the Seller. (iA) Upon such date as shall be specified in such notice (which shall not be earlier than the date such notice is given), the obligation of (xi) the Purchasers, in the case of such notice given by the Administrator, or (yii) such Purchaser, in the case of such notice given by such Purchaser, to allow the Seller to select, convert to or renew an Investment a Purchase under the affected Discount Interest Rate Option in each the Affected Currency shall be suspended (to the extent of the affected Discount Interest Rate Option Option, or the applicable Yield Periods) until the Administrator shall have later notified the Seller, or such Purchaser shall have later notified the Administrator, of the Administrator’s or such Purchaser’s, as the case may be, determination that the circumstances giving rise to such previous determination no longer exist. (iiB) If at any time the Administrator makes a determination under clause (d)(i)Section 4(j)(i) above, (xi) if the Seller has previously notified the Administrator of its selection of, conversion to or renewal of a an affected Discount Interest Rate Option, and such Discount Interest Rate Option has not yet gone into effect, absent due notice from the Seller of revocation, conversion or prepayment, such notification shall with regard to any such pending request for Purchases denominated in the Affected Currency, be deemed ineffective (in each case, to provide for selection of, conversion to or renewal the extent of the Base affected Interest Rate Option otherwise available with respect to such Investments in the amount specified therein and (y) any outstanding affected Investments shall be deemed to have been converted into Base Rate Investments immediately orOption, in the case of Term Rate Investments, at the end of or the applicable Yield Period. (iii) If any Purchaser notifies the Administrator of a determination under clause(d)(ii) or (ePeriods), the Seller shall, subject to the Seller’s obligation to pay any Termination Fees, as to any Investment of the Purchaser to which an affected Discount Rate Option applies, on the date specified in such notice either convert such Investment to the Base Rate Option otherwise available with respect to such Investment or prepay such Investment. Absent due notice from the Seller of conversion or prepayment, such Investment shall automatically be converted to the Base Rate Option otherwise available with respect to such Investment upon such specified date.,

Appears in 1 contract

Samples: Receivables Purchase Agreement (Avantor, Inc.)

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