Receptor sample rates and their impacts

[BruceJF]

I'm trying to understand what sample rate means in the context of Receptors. I think of it having to do with how a sound was recorded. And then typically sounds would be played back at the same rate (although conversion is always possible).

So what does it mean that Receptor has a system sample rate? Since different instruments loaded into Receptor may have sound libraries recorded at different rates and bit depths, how does that relate to Receptor's sample rates? If a sound was recorded 24/96, when it plays back through Receptor, does it get downgraded? What happens if you have instantiated two different instruments with sounds recorded at different rates/depths? Receptor can only have one sample rate at a time. I want to use either the ADAT outs, or the SPDIF outs. I'm confused and could really use help understanding this.