Common use of Uncommitted Purchasers’ Election Not to Fund Clause in Contracts

Uncommitted Purchasers’ Election Not to Fund. Following receipt of a Purchase Notice applicable to its Group, each of the Co-Agents of a Conduit Group will determine whether its Uncommitted Purchaser agrees to purchase the offered Purchaser Interest (or, in the case of a Conduit or Wachovia, its Percentage of the Purchaser Interest offered to the Bank Groups). If a Conduit declines to make its Percentage of a proposed Purchase by the Bank Groups, the applicable Co-Agent shall promptly advise the Seller of such fact, and the Seller may thereupon cancel the Purchase Notice as to that Conduit Group or, in the absence of such a cancellation, the Incremental Purchase of such Conduit Group’s Percentage of the applicable Purchaser Interest will be made by the Committed Purchasers in such Conduit Group. If YRC Assurance declines to participate in a Purchase proposed to be made by it, the Purchase Notice shall automatically be deemed cancelled solely as to YRC Assurance.

Appears in 1 contract

Sources: Receivables Purchase Agreement (Yrc Worldwide Inc)

Uncommitted Purchasers’ Election Not to Fund. Following receipt of a Purchase Notice applicable to its Group, each of the Co-Agents of a Conduit Group will determine whether its Uncommitted Purchaser agrees to purchase the offered Purchaser Interest (or, in the case of a Conduit or WachoviaConduit, its Percentage of the Purchaser Interest offered to the Bank Conduit Groups). If a Conduit declines to make its Percentage of a proposed Purchase by the Bank Conduit Groups, the applicable Co-Agent shall promptly advise the Seller of such fact, and the Seller may thereupon cancel the Purchase Notice as to that Conduit Group or, in the absence of such a cancellation, the Incremental Purchase of such Conduit Group’s Percentage of the applicable Purchaser Interest will be made by the Committed Purchasers in such Conduit Group. If YRC USF Assurance declines to participate in a Purchase proposed to be made by it, the Purchase Notice shall automatically be deemed cancelled solely as to YRC USF Assurance.

Appears in 1 contract

Sources: Receivables Purchase Agreement (Yellow Roadway Corp)