Automatic Liquidation. Upon the occurrence of a Servicer Default described in Section 7.1(c), the Amortization Date shall occur, the Liquidation Period shall commence automatically, the LC Issuer’s obligation to issue Letters of Credit shall automatically be terminated, and the LC Obligations shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent or the LC Issuer.
Appears in 1 contract
Sources: Receivables Purchase Agreement (Yellow Roadway Corp)
Automatic Liquidation. Upon the occurrence of a Servicer Default described in Section 7.1(c), the Amortization Date shall occur, the Liquidation Period shall commence automatically, the LC Issuer’s obligation to issue Letters of Credit shall automatically be terminated, and the LC Obligations shall automatically become immediately due and payable without any election or action on the part of the Administrative Agent or the LC Issuer.. THIRD AMENDED AND RESTATED RPA
Appears in 1 contract