CROSS COLLATERALISATION Sample Clauses
The Cross Collateralisation clause allows assets pledged as collateral for one obligation to also secure other obligations owed by the same party, even if those obligations arise under different agreements. In practice, this means that if a borrower defaults on any loan or credit facility with the lender, the lender can use the collateral from one agreement to cover debts from another. This clause is commonly used in banking and finance to provide lenders with greater security and flexibility, ensuring that all outstanding debts are covered by the available collateral and reducing the lender's risk of loss.
CROSS COLLATERALISATION. 5.11.1 The Buyer hereby agrees that, notwithstanding any provision to the contrary in this Agreement, in the event that the Buyer should fail to make any material payment owing under this Agreement or under any other agreement between the Buyer and the Seller and/or any of their respective Affiliates (the "Other Agreement"), the Seller may:
(i) withhold payment to the Buyer or its Affiliates of any sums that may be due to or claimed by the Buyer or its Affiliates from the Seller or its Affiliates pursuant to this Agreement or any Other Agreement, including Predelivery Payments, unless or until the default under this Agreement or the Other Agreement is cured or remedied; and
(ii) apply any amount of any Predelivery Payment it then holds under this Agreement in respect of any of the Aircraft as well as any other monies held pursuant to any Other Agreement (collectively the "Relevant Amounts") in such order as the Seller deems appropriate in satisfaction of any amounts due and unpaid by the Buyer or its Affiliates and to compensate for any losses and/or damages the Seller or its Affiliates may suffer as a result of the Buyer's or its Affiliates' failure to make payments in a timely manner under this Agreement or any Other Agreement, The Buyer acknowledges that the application of any of the Relevant Amounts as aforesaid may result in the Buyer or its Affiliates being in default (unless such default is otherwise cured or remedied) in relation to the agreement in respect of which such Relevant Amounts were originally granted or required to be paid, as the case may be. The rights granted to the Seller in the preceding paragraphs (i) and (ii) are without prejudice and are in addition to and shall not be deemed a waiver of any other rights and remedies the Seller or its Affiliates may have at law or under this Agreement or any Other Agreement, including the right of set-off.
5.11.2 In the event that the Seller applies any amount of any Predelivery Payment it then holds under this Agreement in respect of any of the Aircraft in satisfaction of the amount due and unpaid by the Buyer or its Affiliates or to compensate for losses and/or damages to the Seller or its Affiliates as a result of the Buyer's or its Affiliates' failure to make payment in a timely manner under the Agreement or any Other Agreement, then the Seller shall notify the Buyer to that effect. Within three (3) working days of issuance of such notification, the Buyer shall pay by wire transfer of funds i...
CROSS COLLATERALISATION. Any security(ies) furnished by the Borrower, if any, under any other agreement entered into or to be entered into with the Bank, shall be deemed to be the Security under this Agreement and shall not be discharged till such time all the loan(s)/ facility(ies) are fully discharged to the satisfaction of the Bank. The Borrower expressly agrees and accepts that in the event of any default being committed by the Borrower under any other agreement with the Bank, under which the Borrower is enjoying financial/ credit facility, such event, shall be considered as an Event of Default occurred under this Agreement and the Bank, shall be absolutely entitled to exercise all or any of its rights under this Agreement including right to set off in respect of any amount standing to the credit of the Borrower in any/all of the loan/facility(ies) availed/to be availed from the Bank.
CROSS COLLATERALISATION. Any security(ies) furnished by the Borrower, under any other agreement entered into or to be entered into with the Lender, shall be deemed to be the security(ies) under this Agreement and shall not be discharged till such time all the loan(s) are fully discharged to the satisfaction of the Lender. The Borrower expressly agrees and accepts that in the event of any default being committed by the Borrower under any other agreement with the Lender, under which the Borrower is enjoying financial/ credit facility, such event, shall be considered as an event of default occurred under this Agreement and the Lender, shall be absolutely entitled to exercise all or any of its rights under this Agreement including right to set off in respect of any amount standing to the credit of the Borrower in any/all of the loans/facility (ies) availed/to be availed from the Lender.
CROSS COLLATERALISATION. 29.1 For the purpose of securing payment of any moneys owing or due by you to us under this Agreement or any other finance agreement or financial accommodation you have with us (including any guarantee, indemnity or security), you agree that any collateral, security or security interest supporting your obligations under any of them shall be collateral, security or security interest supporting all of them.
CROSS COLLATERALISATION. Any security(ies) furnished by the borrower(s), under any other Agreement entered into/to be entered into with the Bank, shall be deemed to be the security(ies) under this Agreement. The borrower(s) hereby agree(s) and accept(s) that in the event of default in respect of any credit facilities granted by the Bank to the borrower(s) all the securities provided under this Agreement or under any other Agreement entered into/to be entered into with the Bank shall operate as a continuing security for all the obligations/facilities extended to and availed by the borrower(s) from the Bank or and that the same shall continue to vest in the Bank till the time any of the said obligations/facilities are open and have not been closed/ liquidated or confirmed by the Bank as closed/liquidated notwithstanding the existence of a credit balance in the said account or partial payment or fluctuation of accounts.
CROSS COLLATERALISATION. Each ECA Facility shall be fully cross-collateralised in the manner contemplated by the agreed form of the Transaction Documents.
CROSS COLLATERALISATION. Cross-default So far as the Borrower and the Sponsor are aware, such B-Note, [ ] Yes [ ] N/A Mezzanine Loan, Whole Loan or (where the Lender so designates the same) Eligible Other Asset is not cross-collateralised or cross-defaulted with any loan or security other than one or more other B-Note, Mezzanine Loan, Whole Loan or (where the Lender so designates the same) Eligible Other Assets.
CROSS COLLATERALISATION. Any Security furnished by the Borrower(s), under any other Agreement entered into/to be entered into with the Bank, shall be deemed to be the Security under this Agreement. The Borrower(s) hereby agree(s) and accept(s) that in the event of default in respect of any credit facilities granted by the Bank to the Borrower(s), all securities provided under this Agreement or under any other Agreement entered into/to be entered into with the Bank shall operate as a continuing security for all the obligations/facilities extended to and availed by the Borrower(s) from the Bank and that the same shall continue to vest in the Bank till the time any of the said obligations/facilities have not been closed/liquidated or confirmed by the Bank as closed/liquidated notwithstanding the existence of a credit balance in the said account or partial payment or fluctuation of accounts.