Common use of Obligation to Make P&I Advances Clause in Contracts

Obligation to Make P&I Advances. The Receivables Seller and the Servicer hereby irrevocably appoint the Holder(s) of any Outstanding VFN with the authority (but no obligation) to make any P&I Advance on the Servicer’s behalf to the extent the Servicer fails to make such P&I Advance when required to do so pursuant to the related Designated Servicing Agreement.

Obligation to Make P&I Advances. The Receivables Seller and the Servicer hereby irrevocably appoint the Holder(s) of any applicable Outstanding VFN with the authority (but no obligation) to make any P&I Advance on the Servicer’s behalf to the extent the Servicer fails to make such P&I Advance when required to do so pursuant to the related Designated Servicing Agreement.

Obligation to Make P&I Advances. The Receivables Seller and the Servicer hereby irrevocably appoint the Holder(sNoteholder(s) of any applicable Outstanding VFN with the authority (but no obligation) to make any P&I Advance on the Servicer’s behalf to the extent the Servicer fails to make such P&I Advance when required to do so pursuant to the related Designated Servicing Agreement.