Relationships with Obligors. The Issuer acknowledges and agrees that Affiliates of the Collateral Manager may have economic interests in or other relationships with obligors in whose debt obligations or credit exposures the Issuer may invest. In particular, such Persons may make and/or hold an investment in an obligor's debt obligations that may be pari passu, senior or junior in ranking to an investment in such obligor's debt obligations made and/or held by the Issuer or in which partners, security holders, members, officers, directors, agents or employees of such Persons serve on boards of directors or otherwise have ongoing relationships. In such instances, the Issuer understands that Affiliates of the Collateral Manager may in their discretion make investment recommendations and decisions that may be the same as or different from those made with respect to the Issuer's investments. In connection with any such activities described in this Section 4(e), the Issuer agrees that Affiliates of the Collateral Manager may hold, purchase, sell, trade or take other related actions in debt obligations or investments of a type that may be suitable to be included as Collateral Obligations. The Affiliates of the Collateral Manager shall not be required to offer such debt obligations or investments to the Issuer or provide notice of such activities to the Issuer. In addition, in servicing and administering the Collateral Obligations, the Issuer agrees that the Collateral Manager may take into account its relationship or the relationships of its Affiliates with obligors and their respective Affiliates, but the foregoing shall not excuse the Collateral Manager from performing its activities hereunder in accordance with the standard of care required in Section 2(b) hereof. Furthermore, in connection with actions taken in the ordinary course of business of the Collateral Manager and its Affiliates in accordance with its fiduciary duties to its other clients, the Issuer acknowledges and agrees that the Collateral Manager and its Affiliates may take actions which adversely affect the interests of the Issuer in the Collateral Obligations.
