Common use of Agreements of Borrower Clause in Contracts

Agreements of Borrower. Borrower agrees that: a) Lender shall have the right to hold the original copy of the Letter of Credit; and b) Lender shall have the right to draw upon the Letter of Credit pursuant to the terms and provisions of Section 4.07 of the Lease. c) The foregoing notwithstanding, as between Lender and Borrower, the provisions of the Loan Documents shall govern and control the rights and priorities of Borrower and Lender in, to and under the Letter of Credit and which of Borrower or Lender shall have the right to make drawings on the Letter of Credit, whether the proceeds of any drawing under the Letter of Credit shall be paid to Borrower or retained by Lender, the order of application of the proceeds of any drawing under the Letter of Credit against the obligations of Borrower under the Loan Documents and any similar or related matters. d) Borrower may not assign or otherwise transfer Borrower’s rights as a co-beneficiary under the Letter of Credit to any other party without the prior written consent of Lender, except in connection with any assignment or transfer of the Premises or Lease permitted without Lender’s consent pursuant to the terms of the Loan Documents.