Cross-Collateralized Debt Clause Samples
Cross-Collateralized Debt. Individual Property Debt incurred (other than by any Loan Party) under multi-property, cross-collateralized financings having an outstanding aggregate principal balance not to exceed $45,000,000;
Cross-Collateralized Debt. With respect to any Person, shall mean (a) the granting of a Lien by such Person on one or more assets of such Person to secure Indebtedness owing by such Person to a lender or other beneficiary and the granting of a Lien by such Person on the same group of assets to secure Indebtedness owing by such Person to (i) the same lender or other beneficiary under a different agreement, note or other instrument or (ii) one or more other lenders or beneficiaries, or (b) the granting of a Lien by such Person on more than one asset of such Person or the granting of a Lien by more than one Person on one or more assets of either Person to secure Indebtedness owing by such Person and/or other Persons to one or more lenders or beneficiaries under one agreement, note or other instrument, or (c) the granting of a Lien by such Person on all or a portion of its assets to secure Indebtedness owing by another Person. The Loans under this Agreement shall not constitute Cross-Collateralized Debt. Default. See §12.1.
Cross-Collateralized Debt. Neither the Borrower, the Guarantors nor any of their Subsidiaries shall have any Cross-Collateralized Debt, other than the ▇▇▇▇▇▇▇ Mac Facility (provided that the foregoing shall not prohibit adjacent phases of a Multifamily Property from being collateral for the same Indebtedness).