Common use of Amendment and Binding Effect Clause in Contracts

Amendment and Binding Effect. No modification, consent, amendment or waiver of any provision of this Agreement, nor consent to any departure by Borrower or Guarantor therefrom, shall be effective unless the same shall be in writing and signed by an officer of Lender, and then shall be effective only in the specified instance and for the purpose for which given. This Agreement is binding upon each of Borrower and Guarantor and its respective successors and assigns, and inures to the benefit of Lender, its participants, successors and assigns; however, no assignment or other transfer of Borrower’s or Guarantor’s rights or obligations hereunder shall be made or be effective without Lender’s prior written consent, nor shall it relieve Borrower or Guarantor of any obligations hereunder.