Effect on Borrower Clause Samples
Effect on Borrower. Where there is no assignment or reimbursement as described in (b)(i) or (ii) and the Secretary makes payments to ▇▇▇▇▇▇▇▇, then Borrower shall not:
(i) Be required to pay amounts owed under the Note, or pay any rents and revenues of the Property under Paragraph 19 to Lender or a receiver of the Property, until the Secretary has required payment in full of all outstanding principal and accrued interest under the Second Note; or
(ii) Be obligated to pay interest or shared appreciation under the Note at any time, whether accrued before or after the payments by the Secretary, and whether or not accrued interest has been included in the principal balance under the Note.
Effect on Borrower. No authorization or approval or other action by, and no notice to or filing with, any Governmental Body which has not been obtained, given or made by Borrower is required for the due execution, delivery and performance by Borrower of any of the Loan Documents. No provision of any mortgage, indenture, contract or agreement to which Borrower is a party conflicts with, or requires any consent which has not already been obtained or is anticipated to be obtained as described above, or in any way would prevent the execution, delivery or performance of the terms of, any of the Loan Documents. Neither the execution, delivery, or carrying out of the terms of the Loan Documents will constitute a default under, or result in the creation or imposition of, or obligation to create, any Lien upon the Property of Borrower pursuant to the terms of any such mortgage, indenture, contract or agreement. Neither the execution and delivery by Borrower of the Loan Documents, nor the consummation of the transactions therein contemplated, nor compliance with the provisions thereof will violate any law, rule, regulation, order, writ, judgment, injunction, decree or award binding on Borrower, except where such violation could not reasonably be expected to have a Material Adverse Effect.
Effect on Borrower. This Agreement is being entered into solely for the benefit of Lender and is not intended to give any rights, benefits or privileges to Borrower or Creditor. Except as expressly et forth herein, this Agreement shall not otherwise (i) impair or affect, as among the Borrower or its creditors (other than the Lender) and the holdoffs of the Junior Debt, the obligation of the Borrower, which is absolute and unconditional, to pay the holders of Junior Debt the principal of and interest on the Junior Debt, or (ii) affect the relative rights against the Borrower of the holder of the Junior Debt and the creditors of the Borrower (other than the Lender), or (iii) prevent any holder of any Junior Debt from exercising all remedies otherwise permitted by applicable law upon default under the instrument or instruments governing the Junior Debt.