Common use of Initial Manager Clause in Contracts

Initial Manager. The Borrower hereby appoints StepStone Private Credit Fund LLC, pursuant to the terms and conditions of this Agreement, as Manager, with the authority to service, administer and exercise rights and remedies, on behalf of the Borrower, in respect of the Collateral. StepStone Private Credit Fund LLC hereby accepts such appointment and agrees to perform the duties and responsibilities of the Manager pursuant to the terms hereof. The Manager and the Borrower hereby acknowledge that the Administrative Agent and the Secured Parties are third party beneficiaries of the obligations undertaken by the Manager hereunder.