Common use of ADMINISTRATION OF SENIOR CREDIT FACILITY Clause in Contracts

ADMINISTRATION OF SENIOR CREDIT FACILITY. The FF&E Agent acknowledges that the Administrative Agent is responsible for monitoring and administering the Senior Credit Facility. Notwithstanding anything to the contrary in this Agreement, the Senior Credit Agreement or the Facilities Agreement, neither the FF&E Agent, GE Capital nor the Participants shall have any right to participate in any approval, consent or review process which has been granted to the Administrative Agent pursuant to the Loan Documents (whether or not such right to approve, consent or review is expressly granted to the FF&E Agent or GE Capital and the Participants under the Facilities Agreement and the other Operative Documents) other than the approvals and consents listed on SCHEDULE A annexed hereto and all approvals, consents and waivers made by the Administrative Agent pursuant to the Loan Documents, other than the approvals and consents listed on SCHEDULE A annexed hereto, shall be binding on the FF&E Agent until the expiration of the period described in SECTION 7.2 during which the Senior Lenders have the exclusive right to purchase the Facilities, the Facilities Agreement and the Operative Documents. The right of GE Capital and the Participants to declare a Default or Event of Default or terminate their Commitments shall be subject to SCHEDULE A.