Cross Default and Cross Collateral Clause Samples

The Cross Default and Cross Collateral clause establishes that a default or breach under one agreement or obligation can trigger a default under another related agreement, and that collateral provided for one obligation may also secure others. In practice, this means if a borrower defaults on one loan, the lender can treat other loans as being in default as well, and may use collateral from one agreement to cover obligations under another. This clause is primarily used to protect lenders by linking obligations and collateral across multiple agreements, thereby reducing the risk of loss and ensuring that a default in one area does not leave other exposures unsecured.
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Cross Default and Cross Collateral. In furtherance of prior provisions hereof, Borrower agrees and acknowledges that the occurrence of an Event of Default under the terms of this Agreement shall constitute an Event of Default under the Note, the Mortgage, and the other Loan Documents and under the documents evidencing any other loan now existing or hereafter made by Lender to Borrower or any of its Affiliates whether or not such loan is secured by all or any portion of the Property. The security interests, liens and other rights and interests in and relative to any of Borrower Collateral now or hereafter granted to Lender by Borrower or its Affiliates by or in any instrument or agreement, including but not limited to this Agreement and the other Loan Documents shall serve as security for any and all liabilities of Borrower and/or its Affiliates to Lender, including but not limited to the liabilities described in this Agreement, the Note, the Mortgage, and the other Loan Documents and, for the repayment thereof, Lender may resort to any security held by it in such order and manner as it may elect.
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Cross Default and Cross Collateral. The Borrower and the Surety consent and agree that a default on or under the Loan or any other obligation of Borrower or Surety to Bank, present or future, direct or contingent, shall at Bank's option constitute a default on or under all obligations of Borrower and Surety to Bank. Similarly, the collateral (real or personal) that secures any obligation of Borrower or any Surety to Bank shall secure all obligations of Borrower and any Surety to Bank.
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Cross Default and Cross Collateral. In furtherance of prior provisions hereof, Borrower agrees and acknowledges that the occurrence of an Event of Default under the terms of this Agreement shall constitute an Event of Default under the Note, the Mortgage, and the other Loan Documents and under the documents evidencing any other loan now existing or hereafter made by Lender to Borrower or any of its Affiliates whether or not such loan is secured by all or any portion of the Property.
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Cross Default and Cross Collateral. The Borrower and the Bank have entered into a loan transaction (the "Development Loan") regarding the construction of infrastructure improvements on real property adjacent to the Property pursuant to which the Borrower has executed and delivered to Bank a Development Loan Agreement of even date herewith, (the "Development Loan Agreement") and other documents and instruments in connection with the Development Loan as described in the Development Loan Agreement (the "Development Loan Documents"). The Development Loan Documents provide that the Obligations under the Development Loan are additionally secured by the Loan Documents encumbering the Property and that any default under the Development Loan Documents shall be a default under the Loan Documents. Further, repayment of the Loan is additionally secured by the Development Loan Documents and any default under the Loan Documents shall be deemed a default under the Development Loan Documents. At such time as the Development Loan is paid in full, the Borrower and Bank will either execute a modification of the Loan to extinguish the cross-default and cross-collateral provisions with respect to the Development Loan or the Bank will m▇▇▇ the Development Note "paid in full and cancelled, " but will retain the original thereof in order to effect a release of the Deed of Trust when the Note is paid in full.
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Cross Default and Cross Collateral. This Revolving Credit facility is cross-defaulted and cross-collateralized with each and every obligation of the Borrower due to the Bank or any successor and/or assignee or parent or subsidiary thereof.
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Cross Default and Cross Collateral. An Event of Default hereunder or under any Sub-Loan Agreement or Sub-Loan Documents shall constitute a default under any other loan documents between Borrower or Guarantor and Lender and vice versa, including, without limitation, any other Sub-Loan Agreements or Sub-Loan Documents. At all times hereunder, all Sub-Loan Collateral with respect to any Sub-Loan Agreement or Sub-Loan Documents shall secure and collateralize the Applicable Sub-Loan and each and every Sub-Loan covered by the terms hereof and under any Sub-Loan Agreement. The Sub-Loan Collateral for any Applicable Sub-Loan shall be released upon payment in full of the Applicable Sub-Loan for which it serves as primary security so long as there is no Event of Default under the Applicable Sub-Loan Agreement or any other Sub-Loan Agreement for which there is any amount outstanding and unpaid at the time of the occurrence of such Event of Default. If an Event of Default hereunder or under any Sub-Loan Document exists at the time of such requested release and during the time such Event of Default is continuing, Lender shall not be obligated to release any existing Sub-Loan Collateral. Notwithstanding the foregoing to the contrary, a default under any of the existing or future bonds or other securities or certificates purchased by Lender in connection with any securitization undertaken by a Bluegreen entity or Affiliate now or in the future (collectively, “Securitization Bonds”) will not constitute a Default or Event of Default hereunder or under any Sub-Loan Agreement or other Sub-Loan Documents and a Default or Event of Default under any Sub-Loan Agreement or other Sub-Loan Documents will not constitute a default under any of the Securitization Bonds.
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Cross Default and Cross Collateral. In furtherance of prior provisions hereof, Borrower agrees and acknowledge that the occurrence of an Event of Default under the terms of this Security Instrument shall constitute an Event of Default under the Note, the Loan Agreement, and the other Loan Documents and under the documents evidencing any other loan now existing or hereafter made by Lender to Borrower which is secured by all or any portion of the Premises or other Collateral. The security interests, liens and other rights and interests in and relative to any of the Collateral now or hereafter granted to Lender by Borrower by or in any instrument or agreement, including but not limited to this Security Instrument and the other Loan Documents shall serve as security for any and all liabilities of Borrower to Lender, including but not limited to the liabilities described in this Security Instrument, the Note, the Loan Agreement, and the other Loan Documents and, for the repayment thereof, Lender may resort to any security held by it in such order and manner as it may elect.
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Cross Default and Cross Collateral. All of the rights of Lender contained in this Agreement shall likewise apply, insofar as applicable, to any modification of or supplement to this Agreement and to any other agreements between Lender and Borrower. Any default of this Agreement by Borrower shall constitute, likewise, a default by Borrower of any other existing agreement with Lender, and any default by Borrower of any other agreement with Lender shall constitute a default of this Agreement.
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Cross Default and Cross Collateral. In addition to the terms and conditions set forth in the Cross Collateralization and Cross Default Agreement executed on even date herewith between the Borrower and the Bank, the Borrower acknowledges and agrees that the occurrence of an Event of Default under the terms of this Mortgage shall constitute a default under the other Loan Documents in effect at the time of any such default and under the documents evidencing any other loan now existing or hereafter made by the Bank to the Borrower, and a default under the other Loan Documents or any of them or any of said existing or future loans shall constitute an Event of Default under this Mortgage.
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Related to Cross Default and Cross Collateral

  • Event of Default and Illegality If an event or circumstance which would otherwise constitute or give rise to an Event of Default also constitutes an Illegality, it will be treated as an Illegality and will not constitute an Event of Default.

  • Events of Default and Remedies (a) Any one or more of the following events which shall have occurred and be continuing shall constitute an event of default ("Event of Default"): (i) Default in the payment of interest upon this Note, as and when the same shall become due; or (ii) Default in the payment of the principal of this Note, as and when the same shall become due; or (iii) Default in the payment of any other obligation of the Company in an amount in excess of $100,000; or (iv) The Company shall fail to perform or observe any affirmative covenant contained in this Note and such Default, if capable of being remedied, shall not have been remedied ten (10) days after written notice thereof shall have been given by the Holder to the Company; or (v) The Company or any subsidiary (A) shall institute any proceeding or voluntary case seeking to adjudicate it bankrupt or insolvent, or seeking dissolution, liquidation, winding up, reorganization, arrangement, adjustment, protection, relief or composition of it or its debts under any law relating to bankruptcy, insolvency or reorganization or relief of debtors, or seeking the entry of any order for relief or the appointment of a receiver, trustee, custodian or other similar official for such the Company or any subsidiary or for any substantial part of its property, or shall consent to the commencement against it of such a proceeding or case, or shall file an answer in any such case or proceeding commenced against it consenting to or acquiescing in the commencement of such case or proceeding, or shall consent to or acquiesce in the appointment of such a receiver, trustee, custodian or similar official; (B) shall be unable to pay its debts as such debts become due, or shall admit in writing its inability to apply its debts generally; (C) shall make a general assignment for the benefit of creditors; or (D) shall take any action to authorize or effect any of the actions set forth above in this subsection 3 (iv); or

  • Default and Remedies Either of the following constitutes cause to declare this Contract, or any Participating Entity order under this Contract, in default: 1. Nonperformance of contractual requirements, or 2. A material breach of any term or condition of this Contract. The party claiming default must provide written notice of the default, with 30 calendar days to cure the default. Time allowed for cure will not diminish or eliminate any liability for liquidated or other damages. If the default remains after the opportunity for cure, the non-defaulting party may: • Exercise any remedy provided by law or equity, or • Terminate the Contract or any portion thereof, including any orders issued against the Contract.

  • DEFAULT AND POSSESSION In the event that the Lessee shall fail to pay said rent, and expenses as set forth herein, or any part thereof, when the same are due and payable, or shall otherwise be in default of any other terms of said Lease for a period of more than 15 days, after receiving notice of said default, then the parties hereto expressly agree and covenant that the Lessor may declare the Lease terminated and may immediately re-enter said Premises and take possession of the same together with any of Lessee’s personal property, equipment or fixtures left on the Premises which items may be held by the Lessor as security for the Lessee’s eventual payment and/or satisfaction of rental defaults or other defaults of Lessee under the Lease. It is further agreed, that if the Lessee is in default, that the Lessor shall be entitled to take any and all action to protect its interest in the personal property and equipment, to prevent the unauthorized removal of said property or equipment which threatened action would be deemed to constitute irreparable harm and injury to the Lessor in violation of its security interest in said items of personal property. Furthermore, in the event of default, the Lessor may expressly undertake all reasonable preparations and efforts to release the Premises including, but not limited to, the removal of all inventory, equipment or leasehold improvements of the Lessee’s, at the Lessee’s expense, without the need to first procure an order of any court to do so, although obligated in the interim to undertake reasonable steps and procedures to safeguard the value of Lessee’s property, including the storage of the same, under reasonable terms and conditions at Lessee’s expense, and, in addition, it is understood that the Lessor may ▇▇▇ the Lessee for any damages or past rents due and owing and may undertake all and additional legal remedies then available. In the event any legal action has to be instituted to enforce any terms or provisions under this Lease, then the prevailing party in said action shall be entitled to recover a reasonable attorney's fee in addition to all costs of said action. Rent which is in default for more than days after due date shall accrue a payment penalty of one of the following: ☐ - Interest at a rate of percent ( %) per annum on a daily basis until the amount is paid in full. ☐ - Late fee of dollars ($ ) per day until the amount is paid in full. In this regard, all delinquent rental payments made shall be applied first toward interest due and the remaining toward delinquent rental payments.

  • Default and Consequences of Default 10.1 Interest on overdue invoices shall accrue daily from the date when payment becomes due, until the date of payment, at a rate of two and one half percent (2.5%) per calendar month and such interest shall compound monthly at such a rate after as well as before any judgment. 10.2 If the Customer defaults in payment of any invoice when due, the Customer shall indemnify the Creditor from and against all costs and disbursements incurred by the Creditor in pursuing the debt including legal costs on a solicitor and own client basis and the Creditor’s debt collection costs. 10.3 Without prejudice to any other remedies the Creditor may have, if at any time the Customer is in breach of any obligation (including those relating to payment), the Creditor may suspend or terminate the supply of Goods and/or Services to the Customer and any of its other obligations under the terms and conditions. The Customer acknowledges and agrees that the Creditor will not be liable to the Customer for any loss or damage the Customer suffers because the Creditor has exercised its rights under this clause. 10.4 If any account remains overdue after thirty (30) days then an amount of the greater of twenty dollars ($20.00) or ten percent (10.00%) of the amount overdue (up to a maximum of two hundred dollars ($200.00)) shall be levied for administration fees which sum shall become immediately due and payable. 10.5 Without prejudice to the Creditor’s other remedies at law the Creditor shall be entitled to cancel all or any part of any order of the Customer which remains unfulfilled and all amounts owing to the Creditor shall, whether or not due for payment, become immediately payable in the event that; (a) any money payable to the Creditor becomes overdue, or in the Creditor’s opinion the Customer will be unable to meet its payments as they fall due; or (b) the Customer becomes insolvent, convenes a meeting with its creditors or proposes or enters into an arrangement with creditors, or makes an assignment for the benefit of its creditors; or (c) a receiver, manager, liquidator (provisional or otherwise) or similar person is appointed in respect of the Customer or any asset of the Customer.