Common use of Purchase Notice Clause in Contracts

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

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