Common use of Servicing Agent Clause in Contracts

Servicing Agent. Until the Buyer (or the Assignee pursuant to the Receivables Purchase Agreement) gives contrary notice, the Buyer hereby appoints each Originator as its agent (and as sub-collection agent under the terms of the Receivables Purchase Agreement) with respect to the servicing, administering and collecting of the Receivables originated by such Originator, and each such Originator hereby accepts such appointment and agrees to perform in accordance with the applicable terms and conditions of the Receivables Purchase Agreement. Each Originator hereby further agrees not to voluntarily resign as agent for the Buyer in connection with such servicing, administering and collecting functions. Each of the Originators hereby acknowledges that the Buyer can replace such Originator as its agent (and sub-collection agent) at any time for any reason.