Cross-Collateralization and Cross-Default. This Agreement, the Collateral and the Obligations are cross-collateralized and cross-defaulted with (a) the LE Loan Agreement, (b) the “Obligations” thereunder, (c) the collateral securing such obligations, (d) the obligations thereunder, and (e) the collateral securing such obligations. Without limiting the foregoing, Borrower (and Lazarus Energy, by its signature below) and Lender contemplate and agree that Borrower and/or Lazarus Energy and Lender have engaged or may from time to time engage in various loan and financing transactions and that from time to time other circumstances may arise in which Borrower and/or Lazarus Energy becomes obligated to Lender, including under the LE Loan Agreement and under transactions of a type that are very different from the transactions evidenced by the Loan Documents, including by notes, advances, overdrafts, bookkeeping entries, guaranty agreements, deeds of trust, or any other method or means (each a “Loan Obligation”). Borrower (and Lazarus Energy, by its signature below) and Lender agree that all such transactions will be secured by the Collateral, and that the Obligations arising under this Agreement and the other Loan Documents will be secured by any collateral granted in connection with such Loan Obligation. Repayment of all Obligations and performance of all other obligations under this Agreement by Borrower and/or Lazarus Energy shall not terminate Lender’s security interest in the Collateral, unless Lender executes a written release. If any default occurs under any Loan Obligation, then Lender may declare an Event of Default. An Event of Default shall be a default under any such Loan Obligation. Lender’s failure to exercise cross-defaults shall not constitute a waiver by Lender of such right.
Cross-Collateralization and Cross-Default. All Collateral heretofore, herein or hereafter given or granted to the Bank shall secure payment and performance of all of the Obligations, including any Collateral given or granted to the Bank by any Borrower. All Revolving Loans, loans, advances and all other Obligations shall be and are hereby declared to be cross-collateralized, cross-defaulted and cross-guaranteed. All property of any Borrower of any kind or nature in which Bank has been, is hereunder, or shall hereafter be granted a security interest or a Lien of any kind shall constitute Collateral for all Obligations. Any event of default in connection with any loan, advance or extension of credit made at any time by Bank to any Borrower under any documents executed in connection therewith shall automatically and without further acts on the part of the Bank constitute an event of default under all loans, advances and extensions of credit made at any time by Bank to any Borrower. In such event, Bank shall have available to it all rights and remedies including, but not limited to, acceleration of any or all loans, advances and extensions of credit made at any time by Bank to any Borrower. It shall not be necessary for cross-collateralization, cross-default, cross-acceleration or cross-guarantee language to be inserted into any other previously existing or hereafter created instrument, document or agreement for this section to be fully enforceable by Bank against each Borrower and all of its property of any kind or nature, including such property as is specifically described in this Agreement, any of the other Loan Documents, or any other documents executed by such Borrower in favor of Bank.
Cross-Collateralization and Cross-Default. The Loan and all Advances thereunder shall be secured by the Collateral, including all Projects (but excluding the Pasadena Mortgaged Property and the Westwood Mortgaged Property which shall secure only that portion of the Loan and those Advances that relate solely to the Pasadena Project and the Westwood Project, as applicable; as evidenced by the Pasadena Note and the Westwood Note respectively), and Holdings, the Borrower and each Borrower Subsidiary agree that the Collateral described in each of the respective Loan Documents, excluding the Pasadena Mortgaged Property and the Westwood Mortgaged Property, shall secure, in addition to the Project Tranche designated for such Project and other Loan Obligations described therein, and on a pari passu basis with each of the other Project Tranches, the Tranche 1 Committed Amount, the Tranche 2 Committed Amount and the Tranche 3 Committed Amount, the Loan Obligations under each of the other Loan Documents, as the same may hereafter be renewed, modified, amended or extended. The Loan Documents also are hereby cross-defaulted with one another and Holdings, the Borrower and each Borrower Subsidiary agree that the occurrence of a Default or an Event of Default pursuant to any of the Loan Documents shall constitute an immediate Default Or Event of Default (without need of notice or the expiration of any additional cure period other than as may be specified in such Loan. Documents) under all other Loan Documents.
Cross-Collateralization and Cross-Default. Upon the occurrence of any Event of Default under this Agreement or default under any other agreement between Borrower and Bank, then it is agreed by Borrower that the Bank shall have the right to accelerate all Obligations owing to it by Borrower, and any collateral securing any of the Obligations of Borrower to Bank shall act as collateral for all of the Obligations of Borrower to the Bank.
Cross-Collateralization and Cross-Default. Notwithstanding anything to the contrary provided herein or any other document, this Lease and any Schedules, the Equipment and the Collateral in which Lessor now or hereafter has an interest or are now or hereafter executed in connection herewith are cross-collateralized and cross-defaulted with all other agreements between Lessor and Lessee such that the Equipment and Collateral identified on each Schedule or described herein, stand as security for all obligations of Lessee to Lessor.
Cross-Collateralization and Cross-Default. Anything to the contrary contained herein notwithstanding, Borrower hereby agrees that any default under the Agreement and the other Loan Documents shall constitute a default under each and every other loan or commitment issued by Borrower, Guarantor, or any Mortgagor to Lender and that a default under any other loan or commitment issued by Borrower, Guarantor, or any Mortgagor to Lender shall constitute a default hereunder. The Real Property and other Collateral for the Loan shall also serve as security and collateral for all other indebtedness of Borrower to Lender and the collateral for any other indebtedness of Borrower to Lender shall serve as security and collateral for the Loan. Borrower agrees to execute any documentation required by Lender to evidence such cross-collateralization and cross-default.
Cross-Collateralization and Cross-Default. If an Event of Default occurs under that certain Note I Loan (as defined in the Loan Agreement) in the principal sum of $22,500,000 executed by the Borrowers and payable to the Lender of even date herewith, which is not cured within the grace or cure period, if any, therein provided.
Cross-Collateralization and Cross-Default. Debtor and Lender contemplate that Debtor and Lender have engaged or may, from time to time engage, in various loan transactions and that from time to time other circumstances may arise, in which Debtor becomes obligated to Lender, including transactions of a type that are very different from the transactions evidenced by the Loan Documents, including by notes, advances, overdrafts, bookkeeping entries, guaranty agreements, deeds of trust, or any other method or means (each a “Loan Obligation”). Unless otherwise agreed in writing, Debtor and Lender agree that all such transactions will be secured by the Collateral, and that the Indebtedness arising under this Agreement and the other Loan Documents will be secured by any collateral granted in connection with such Loan Obligation. Repayment of all Indebtedness and performance of all other obligations under this Agreement by Debtor shall not terminate Lender’s security interests in the Collateral, unless Lender executes a written release. Unless otherwise agreed in writing, if any default occurs under any Loan Obligation, then Lender may declare an Event of Default and an Event of Default shall be a default under such Loan Obligation. Lender’s failure to exercise cross-defaults shall not constitute a waiver by Lender of such right.
Cross-Collateralization and Cross-Default. Individual Borrower acknowledges that in order to induce Lender to make the Loan, this Security Instrument and each other Mortgage (as defined in the Loan Agreement) shall be cross-collateralized and cross- defaulted as provided herein. In accordance with the terms and provisions of the Loan Agreement, without limitation to any other right or remedy provided to Lender in this Security Instrument or in any of the other Loan Documents, Individual Borrower agrees that this Security Instrument and the other Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default (as defined in, and as determined pursuant to, the Loan Agreement) by (a) Individual Borrower under this Security Instrument or (b) any Other Borrower under any Loan Document shall constitute an Event of Default; (ii) an Event of Default (as determined pursuant to the Loan Agreement) under the Note, the Loan Agreement or this Security Instrument shall constitute an Event of Default; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Individual Properties as security for the Note.
Cross-Collateralization and Cross-Default. The loan documents evidencing ----------------------------------------- the loan hereby created shall contain cross default and cross collateralization provisions for any and all other loans by and between Borrower, Guarantor and Bank.
