Common use of Authorization of the Master Servicer Clause in Contracts

Authorization of the Master Servicer. Each Purchaser hereby authorizes the Master Servicer, and MRFC acknowledges such authorization, to take any and all reasonable steps in its name and on its behalf necessary or desirable and not inconsistent with the ownership of the Purchaser Interests purchased by such Purchaser hereunder, in the determination of the Master Servicer, to (a) collect all amounts due under any Transferred Receivable and under any MRFC Collateral, including endorsing its name on checks and other instruments representing Collections on such Receivable, and execute and deliver any and all instruments of satisfaction or cancellation or of partial or full release or discharge and all other comparable instruments with respect to any such Receivable and (b) after any Transferred Receivable becomes a Defaulted Receivable and to the extent permitted under and in compliance with applicable law and regulations, commence proceedings with respect to the enforcement of payment of any such Receivable and the Contract therefor and adjust, settle or compromise any payments due thereunder, in each case to the same extent as the applicable Originator could have done if it had continued to own such Receivable. Each Originator, MRFC, the Administrative Agent and each Purchaser shall furnish the Master Servicer with any powers of attorney and other documents reasonably necessary or appropriate to enable the Master Servicer to carry out its servicing and administrative duties hereunder. Notwithstanding anything to the contrary contained herein, the Purchasers and the Administrative Agent shall have the absolute and unlimited right to direct the Master Servicer (i) to commence or settle any legal action to enforce collection of any Transferred Receivable or (ii) to foreclose upon, repossess or take any other action that the Administrative Agent deems necessary or advisable (in its reasonable discretion) with respect thereto, in each case in a manner consistent with the Credit and Collection Policies. In no event shall the Master Servicer be entitled to make any Affected Party, in its capacity as such, a party to any Litigation in which an Obligor is an adverse party without such Affected Party’s express prior written consent, or to make MRFC a party to any Litigation without the Administrative Agent’s consent