Binding Effect; No Assignment by Borrower Sample Clauses
The "Binding Effect; No Assignment by Borrower" clause establishes that the agreement is legally binding on both the borrower and the lender, as well as their respective successors and permitted assigns. In practice, this means that the obligations and rights under the agreement automatically transfer to any party that legally takes over the borrower's or lender's position, but the borrower is specifically prohibited from transferring or assigning their rights or obligations to another party without the lender's consent. This clause ensures that the lender maintains control over who is responsible for the loan, preventing the borrower from unilaterally shifting their obligations to an unknown or potentially less creditworthy party.
Binding Effect; No Assignment by Borrower. This Agreement shall be binding upon and inure to the benefit of the Borrower, the Banks, the Agent and their respective successors and assigns; provided, however, the Borrower may assign any or all of its rights or obligations hereunder or any of its interest herein without the prior written consent of all Banks.
Binding Effect; No Assignment by Borrower. This Agreement shall be binding upon and inure to the benefit of the parties hereto and the successors and assigns of Lender. The rights and obligations of Borrower under this Agreement or the other Loan Documents shall not be assigned or assignable, and any such purported assignment shall be void.
Binding Effect; No Assignment by Borrower. This Agreement shall be binding upon and inure to the benefit of the Borrowers, the Banks, the Agents and their respective successors and assigns; PROVIDED, except that no Borrower may assign any or all of its rights or obligations hereunder or any of its interest herein without the prior written consent of all Banks.