Common use of Cross-Collateralization and Cross-Default Clause in Contracts

Cross-Collateralization and Cross-Default. Debtor and Lxxxxx 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, Dxxxxx and Lxxxxx 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 Lxxxxx’s security interests in the Collateral, unless Lxxxxx 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. LOAN AND SECURITY AGREEMENT – PAGE 27 THERMO COMMUNICATIONS FUNDING, LLC – Americrew, Inc.

Appears in 1 contract

Samples: Loan and Security Agreement (AmeriCrew Inc.)

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Cross-Collateralization and Cross-Default. Debtor This Agreement, the Collateral and Lxxxxx the Obligations are cross-collateralized and cross-defaulted with (a) LRM 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 LRM, by its signature below) and Lender contemplate and agree that Debtor Borrower and/or LRM and Lender have engaged or may, may from time to time engage, engage in various loan and financing transactions and that from time to time other circumstances may arise, arise in which Debtor Borrower and/or LRM becomes obligated to Lender, including under the LRM Loan Agreement and 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 writingBorrower (and LRM, Dxxxxx by its signature below) and Lxxxxx Lender agree that all such transactions will be secured by the Collateral, and that the Indebtedness 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 Indebtedness Obligations and performance of all other obligations under this Agreement by Debtor Borrower and/or Lazarus Energy shall not terminate LxxxxxLender’s security interests interest in the Collateral, unless Lxxxxx Lender executes a written release. Unless otherwise agreed in writing, if If any default occurs under any Loan Obligation, then Lender may declare an Event of Default and an 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. LOAN AND SECURITY AGREEMENT – PAGE 27 THERMO COMMUNICATIONS FUNDING, LLC – Americrew, Inc..

Appears in 1 contract

Samples: Loan Agreement and Loan Documents (Blue Dolphin Energy Co)

Cross-Collateralization and Cross-Default. Debtor Borrowers and Lxxxxx Xxxxxx contemplate that Debtor Borrowers 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 Borrowers become 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, Dxxxxx Xxxxxxxxx and Lxxxxx Xxxxxx 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 Borrowers shall not terminate LxxxxxXxxxxx’s security interests in the Collateral, unless Lxxxxx Xxxxxx executes a written release, except as provided under applicable law. 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. Borrowers and Lender agree that, so long as any Term Loan Debt is outstanding, any Loan Obligation secured by the Collateral shall be subject to the Intercreditor Agreement. LOAN AND SECURITY AGREEMENT – PAGE 27 29 THERMO COMMUNICATIONS FUNDING, LLC – AmericrewVerve Cloud, Inc.

Appears in 1 contract

Samples: Loan and Security Agreement (Digerati Technologies, Inc.)

Cross-Collateralization and Cross-Default. Debtor This Agreement, the Collateral and Lxxxxx 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 Debtor Borrower and/or Lazarus Energy and Lender have engaged or may, may from time to time engage, engage in various loan and financing transactions and that from time to time other circumstances may arise, arise in which Debtor 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”). Unless otherwise agreed in writingBorrower (and Lazarus Energy, Dxxxxx by its signature below) and Lxxxxx Lender agree that all such transactions will be secured by the Collateral, and that the Indebtedness 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 Indebtedness Obligations and performance of all other obligations under this Agreement by Debtor Borrower and/or Lazarus Energy shall not terminate LxxxxxLender’s security interests interest in the Collateral, unless Lxxxxx Lender executes a written release. Unless otherwise agreed in writing, if If any default occurs under any Loan Obligation, then Lender may declare an Event of Default and an 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. LOAN AND SECURITY AGREEMENT – PAGE 27 THERMO COMMUNICATIONS FUNDING, LLC – Americrew, Inc..

Appears in 1 contract

Samples: Loan Agreement (Blue Dolphin Energy Co)

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Cross-Collateralization and Cross-Default. Debtor and Lxxxxx 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, Dxxxxx Debtor and Lxxxxx 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 LxxxxxLender’s security interests in the Collateral, unless Lxxxxx 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. LOAN AND SECURITY AGREEMENT – PAGE 27 THERMO COMMUNICATIONS FUNDING, LLC – Americrew, Inc..

Appears in 1 contract

Samples: Loan and Security Agreement (H/Cell Energy Corp)

Cross-Collateralization and Cross-Default. This Agreement, the Collateral, and the Indebtedness are cross-collateralized and cross-defaulted with (i) the LE Loan Agreement, the obligations thereunder, and the collateral securing such obligations, and (ii) the Existing Loan Agreement, the obligations thereunder, and the collateral securing such obligations. Without limiting the foregoing, Debtor (and Lxxxxx LE, by its signature below) and Lender contemplate that Debtor and/or LE 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 and/or LE 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 writingDebtor (and LE, Dxxxxx by its signature below) and Lxxxxx 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 and/or LE shall not terminate LxxxxxLender’s security interests in the Collateral, unless Lxxxxx Lender executes a written release. Unless otherwise agreed in writing, if If any default occurs under any Loan Obligation, then Lender may declare an Event of Default and an Default. 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. LOAN AND SECURITY AGREEMENT – PAGE 27 THERMO COMMUNICATIONS FUNDING, LLC – Americrew, Inc..

Appears in 1 contract

Samples: Loan and Security Agreement (Blue Dolphin Energy Co)

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