Initial Servicing. The Borrower has the authority to service, administer and exercise rights and remedies in respect of the Collateral and agrees to perform the Loan Asset Servicing with respect to the Loan Asset pursuant to the terms hereof until such time as it receives a Servicing Termination Notice from the Administrative Agent. The Borrower hereby acknowledges that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Borrower hereunder.
