Common use of Rights of the Administrative Agent Clause in Contracts

Rights of the Administrative Agent. So long as the Class A Notes are Outstanding, the Issuer and the Servicer agree that the Administrative Agent shall have the following rights, which rights the Administrative Agent shall be able to enforce against the Issuer and the Servicer: (i) neither the Issuer nor the Servicer shall consent to any amendment to any of the Basic Documents, or waive any term or condition thereof, without the prior written consent of the Administrative Agent; (ii) the Servicer shall provide the Administrative Agent promptly with a copy of any report, certificate, statement or notice sent to, or provided by, the Servicer pursuant to the Basic Documents; (iii) the Administrative Agent shall have the right, upon reasonable prior notice, during normal business hours, in a manner that does not unreasonably interfere with the Servicer's normal operations or customer or employee relations, and as often as reasonably required, to examine and audit any and all of the books, records or other information of the Servicer, whether held by the Servicer or by another on behalf of the Servicer, that may be relevant to the performance or observance by the Servicer of the terms, covenants or conditions of the Basic Documents to which the Servicer is a party; (iv) the Servicer shall not alter, change, modify or amend the Credit and Collection Policy, in whole or in part, in any manner that could have a material adverse effect on the Commercial Loans without the prior written consent of the Administrative Agent; (v) neither the Seller, the Servicer nor the Issuer shall consolidate or merge with or into any other Person, or sell all or substantially all of their respective assets or property, without the prior written consent of the Administrative Agent; and (vi) no successor Servicer shall be appointed pursuant to Section 9.02 of the Sale and Servicing Agreement unless the Administrative Agent consents in writing to such appointment.