Common use of Purchase Notice Clause in Contracts

Purchase Notice. The Term Loan Creditors, acting through the Term Loan Agent as a single group, shall have the option to purchase from the Revolving Agent all but not less than all of the Revolving Credit Obligations at any time following the (i) acceleration of the Revolving Credit Obligations or termination of the commitment thereunder, (ii) the first commencement of an Enforcement Action by Revolving Agent with respect to a material portion of the Revolving Credit Priority Collateral or (iii) the commencement of any Insolvency Proceeding. The Revolving Agent shall promptly deliver to the Term Loan Agent notice of the first to occur of the events described in clauses (i), (ii) or (iii) of this paragraph (a). The Term Loan Agent (on behalf of the exercising Term Loan Creditors (the “Revolving Credit Obligations Purchaser”)) shall exercise this option by giving written notice (the “Term Loan Agent’s Purchase Notice”) of its election to the Revolving Agent within ten (10) Business Days following the delivery to the Term Loan Agent of such notice. The Term Loan Agent’s Purchase Notice, once delivered, shall be irrevocable and shall not be subject to withdrawal or rescission.

Purchase Notice. The Term Loan Creditors, acting through the Term Loan Agent as a single group, Revolving Creditors shall have the option to purchase from the Revolving Agent Term Loan Creditors all but not less than all of the Revolving Credit Term Loan Obligations at any time following the (i) acceleration Term Loan Agent or Term Loan Creditors have accelerated the maturity of all or a material portion of the Revolving Credit Obligations or termination of the commitment thereunderTerm Loan Obligations, (ii) the first commencement of an Enforcement Action by Revolving Term Loan Agent with respect to a material portion of the Revolving Credit Term Loan Priority Collateral or Collateral, (iii) the commencement of any Insolvency Proceeding, or (iv) the extension of the final maturity date of the Term Loan Obligations. The Revolving Term Loan Agent shall promptly deliver to the Term Loan Revolving Agent notice of the first to occur of the events described in clauses (i), (ii), (iii) or (iiiiv) of this paragraph (a). The Term Loan Revolving Agent (on behalf of the exercising Term Loan Revolving Creditors (the “Revolving Credit Term Obligations Purchaser”)) shall exercise this option by giving written notice (the “Term Loan Revolving Agent’s Purchase Notice”) of its election to the Revolving Term Loan Agent within ten (10) Business Days following the delivery to the Term Loan Agent of such notice. The Term Loan Revolving Agent’s Purchase Notice, once delivered, shall be irrevocable and shall not be subject to withdrawal or rescission.