In the sentences extracted from financial agreements in U.S. SEC filings, identify the named entities that represent a person ('PER'), an organization ('ORG'), or a location ('LOC'). The required answer format is: 'entity name, entity type'.
Text: Borrower has not violated any laws , ordinances or rules , the violation of which could reasonably be expected to have a material adverse effect on its business .
Answer:
Borrower, PER