Designation of Buyer’s Servicer Clause Samples
The Designation of Buyer’s Servicer clause establishes the buyer’s right to appoint a third party, known as a servicer, to manage certain aspects of the transaction or asset after purchase. In practice, this means the buyer can select an entity to handle administrative tasks such as collecting payments, managing records, or overseeing compliance related to the acquired assets. This clause ensures operational flexibility for the buyer and clarifies who is responsible for ongoing management, thereby streamlining post-sale processes and reducing potential confusion between the parties.
Designation of Buyer’s Servicer. The Seller Receivables shall be serviced, administered and collected by the Person (the "Buyer's Servicer") designated from time to time to perform the duties of the Servicer under the Receivables Purchase Agreement in accordance with Section 6.01 of the Receivables Purchase Agreement, and shall be serviced, administered and collected by the Buyer's Servicer in the manner set forth in Section 6.02 of the Receivables Purchase Agreement (including by subcontracting to any Originator pursuant to Section 6.01 of the Receivables Purchase Agreement). Until the Agent designates a new Servicer in accordance with Section 6.01 of the Receivables Purchase Agreement, Crown (USA) is hereby designated to act as, and Crown (USA) hereby agrees to perform the duties and obligations of, the Buyer's Servicer hereunder.
Designation of Buyer’s Servicer. The Seller Receivables shall be serviced, administered and collected by the Person (the “Buyer’s Servicer”) designated from time to time to perform the duties of the Servicer under the Second Amended and Restated Receivables Purchase Agreement in accordance with Section 6.01 of the Second Amended and Restated Receivables Purchase Agreement, and shall be serviced, administered and collected by the Buyer’s Servicer in the manner set forth in Section 6.02 of the Second Amended and Restated Receivables Purchase Agreement (including by subcontracting to any Originator pursuant to Section 6.01 of the Second Amended and Restated Receivables Purchase Agreement. Until the Agent designates a new Servicer in accordance with Section 6.01 of the Second Amended and Restated Receivables Purchase Agreement, PolyOne is hereby designated to act as, and PolyOne hereby agrees to perform the duties and obligations of, the Buyer’s Servicer hereunder.
Designation of Buyer’s Servicer. The Seller Receivables shall be serviced, administered and collected by the Person (the “Buyer’s Servicer”) designated from time to time to perform the duties of the Servicer under the Receivables Purchase Agreement in accordance with Section 6.01 of the Receivables Purchase Agreement, and shall be serviced, administered and collected by the Buyer’s Servicer in the manner set forth in Section 6.02 of the Receivables Purchase Agreement (including by subcontracting to any Originator pursuant to Section 6.01 of the Receivables Purchase Agreement). Until the Agent designates a new Servicer, if any, in accordance with Section 6.01 of the Receivables Purchase Agreement, Crown (USA) is hereby designated to act as, and Crown (USA) hereby agrees to perform the duties and obligations of, the Buyer’s Servicer hereunder. Notwithstanding anything to the contrary contained herein (but except as otherwise provided in this Section 5.01), the Buyer’s Servicer (and each Person to whom the Buyer’s Servicer delegates any of its responsibilities hereunder) shall not (and has no authority to) delegate to any Person who is not located outside Canada (a “Canadian”) the authority to, or permit any such Person to, enter into contracts or other agreements in the name of the Buyer; and the Buyer’s Servicer (or any such delegee) is not permitted to (nor has authority to) establish an office or other fixed place of business of the Buyer in Canada. To the extent any responsibilities of any Canadian to whom the Buyer’s Servicer has delegated responsibilities hereunder involve or require such Person to enter into a contract or other agreement in the name of the Buyer, such servicing responsibility shall be fulfilled solely by, or upon specific approval of, the Buyer’s Servicer, and such Person is authorized to take such action or give such approval, but only from a place of business outside Canada, and such Person may not delegate such responsibility except upon consent of the Agent. Nonetheless, a Canadian may engage in discussions with any Obligor regarding such matters and negotiate the terms of any such arrangement subject to the understanding that final approval of any such arrangement referred to in the preceding two sentences may only be made by, or upon specific approval of, a Person located outside Canada and authorized hereunder in accordance with the foregoing and any such arrangement so negotiated by a Canadian shall not be binding until such final approval is so provided by s...
Designation of Buyer’s Servicer. The Seller Receivables shall be serviced, administered and collected by the Person (the “Buyer’s Servicer”) designated from time to time to perform the duties of the Servicer under the Canadian Receivables Purchase Agreement in accordance with Section 6.01 of the Canadian Receivables Purchase Agreement, and shall be serviced, administered and collected by the Buyer’s Servicer in the manner set forth in Section 6.02 of the Canadian Receivables Purchase Agreement (including by subcontracting pursuant to Section 6.01 of the Canadian Receivables Purchase Agreement, but subject to Section 6.02(f) thereof). The Seller acknowledges and agrees to the restrictions set out in Section 6.02(f) of the Canadian Receivables Purchase Agreement, and further acknowledges that, to the extent the Servicer subcontracts any of its obligations or responsibilities as Servicer to the Seller, the Seller acts as an independent contractor of the Servicer and is not the agent of the Agent, any Owner or any Purchaser. Until the Agent designates a new Servicer in accordance with Section 6.01 of the Canadian Receivables Purchase Agreement, PolyOne is hereby designated to act as, and PolyOne hereby agrees to perform the duties and obligations of, the Buyer’s Servicer hereunder.
Designation of Buyer’s Servicer. The Seller Receivables shall be serviced, administered and collected by the Person (the "BUYER'S SERVICER") designated from time to time to perform the duties of the Servicer under the Purchase Agreements in accordance with Section 6.01 of the Purchase Agreements, and shall be serviced, administered and collected by the Buyer's Servicer in the manner set forth in Section 6.02 of the Purchase Agreements. Until the Administrative Agent designates a new Servicer under the Purchase Agreements, WORLDCOM is hereby designated to act as, and WORLDCOM hereby agrees to perform the duties and obligations of, the Buyer's Servicer hereunder.