Common use of Rights of Loan Parties Clause in Contracts

Rights of Loan Parties. Notwithstanding the security interests so granted to the Collateral Agent, each Loan Party shall nevertheless be permitted, so long as no Event of Default has occurred and is continuing, to give all consents, requests, notices, directions, approvals, extensions or waivers, if any, that are permitted or required to be given by such Loan Party by the specific terms of any of the agreements or instruments pursuant to which Portfolio Investments have been issued or are governed, and the security interest so granted to the Collateral Agent shall not relieve such Loan Party from the performance of any term, covenant, condition or agreement on such Loan Party’s part to be performed or observed by it under or in connection with any of the agreements or instruments pursuant to which Portfolio Investments have been issued or are governed or impose any obligation on the Collateral Agent or any other Secured Party to perform or observe any such term, covenant, condition or agreement on such Loan Party’s part to be so performed or observed by it or otherwise impose any liability on the Collateral Agent or any other Secured Party for any act or omission on the part of such Loan Party relative thereto or for any breach of any representation or warranty on the part of such Loan Party contained in the agreements or instruments pursuant to which Portfolio Investments have been issued or are governed or made in connection therewith or to make any payment, or to make any inquiry as to the nature or sufficiency of any payment received by it, or present or file any claim, or take any action to collect or enforce the payment of any amounts which may have been assigned to it or to which it may be entitled at any time or times.