Common use of Optional Liquidation Clause in Contracts

Optional Liquidation. Upon the occurrence of a Servicer Default (other than a Servicer Default described in Section 7.1(c)), the Administrative Agent shall, at the request, or may with the consent, of the Required Co-Agents, by notice to the Seller declare the Amortization Date to have occurred, the Liquidation Period to have commenced, the LC Issuer’s obligation to issue Letters of Credit to have terminated, and/or the LC Obligations to be immediately due and payable.