Common use of Cross-Collateralized Clause in Contracts

Cross-Collateralized. While any Obligation under the Transaction Documents now or hereafter arising remains outstanding, Borrower agrees that all Obligations owed to Lender shall be cross-guaranteed, cross-defaulted, cross-accelerated and cross-collateralized. Notwithstanding anything to the contrary herein, any security interest granted by Borrower pursuant to any Transaction Document (in this context, the “Primary Document”) with respect to Borrower’s Obligations under any other Transaction Document (in this context, the “Secondary Document”) shall benefit any Lender Assignee only to the extent such assignee is deemed to be a “Lender” under both the Primary Document and the Secondary Document in accordance with Section 6.1 hereof.

Appears in 1 contract

Sources: Master Loan and Security Agreement (ProPetro Holding Corp.)

Cross-Collateralized. While any Obligation under the Transaction Documents now or hereafter arising remains outstanding, Borrower agrees that all Obligations owed to Lender shall be cross-cross- guaranteed, cross-defaulted, cross-accelerated and cross-collateralized. Notwithstanding anything to the contrary herein, any security interest granted by Borrower pursuant to any Transaction Document (in this context, the "Primary Document") or any other agreement with Lender with respect to Borrower’s 's Obligations under any other Transaction Document Document, agreement, instrument or writing (in this context, the "Secondary Document") shall benefit any Lender Assignee only to the extent such assignee is deemed to be a "Lender" under both the Primary Document and the Secondary Document in accordance with Section 6.1 hereof.

Appears in 1 contract

Sources: Master Loan and Security Agreement (Nextier Oilfield Solutions Inc.)