Cross-default clause Clause Samples

Cross-default clause. Borrower, or the Borrower’s related enterprises and its Guarantor, or the Guarantor’s related enterprises having any of the following cases will be regarded as the concurrent breach of contract of the Borrower, the Lender has the right to recall the loan beforehand as the agreements in the Article 11 of this contract, and at the same time, to require the Borrower to undertake the liability of breach of contract on the strength of the agreements in the Article 13 of this contract: (1) Any loans, financings or debts have violated or might violate the contract, or have been declared to be due prior to maturity; (2) Any Guaranties or similar obligations fail to be fulfilled, or existing the possibility of failing to be fulfilled; (3) Failing to fulfill or violate the relevant loan guaranty and other legal documents or contracts similar to obligations; or existing the possibility of violation or failing to be fulfilled; (4) The occurrence or immediately occurrence of the situation of insolvency of the due debts or the due loans/financings; (5) Being named in the gazette or immediately being declared bankrupt according to legal procedures; (6) Transferring the assets or properties to other creditors; (7) Imperiling the security of the principal and interest of the loan under this contract.

Cross-default clause. Any default by Mortgagor in the performance or observance of any covenant, promise, condition or agreement hereof shall be deemed an Event of Default under each of the loan documents, entitling Mortgagee to exercise all or any remedies available to Mortgagee under the terms of any or all loan documents, and any default or Event of Default under any other loan document, relating to any of Mortgagor's obligations to Mortgagee, shall be deemed a default hereunder, entitling Mortgagee to exercise any or all remedies provided for herein. Failure by Mortgagee to exercise any right which it may have hereunder shall not be deemed a waiver thereof unless so agreed in writing by Mortgagee, and the waiver by Mortgagee of any default by Mortgagor hereunder shall not constitute a continuing waiver of any other default or of the same default in the future.

Cross-default clause. 23.1 The Contractor acknowledges that a breach by the Contractor of any provision of this Contract shall be deemed to be a breach of any other contract that the Contractor has entered into with the Ministry. Further, the Contractor acknowledges that a breach by the Contractor of a provision of any other such contract shall be deemed to be a breach under this Contract.

Cross-default clause. Arrangements for an appropriate facility adequate for management offices, garage and outside bus storage shall be made in cooperation with School. School shall have absolute and sole discretion in approving or rejecting facilities. The parties acknowledge that simultaneously hereafter the parties are executing a lease agreement of the same date hereafter. The parties agree that a default under this Agreement shall constitute a default under said lease agreement and a default under the lease agreement shall constitute a default under this Agreement.

Cross-default clause. Arrangements for an appropriate facility adequate for management offices, garage and outside bus storage shall be made in cooperation with School. The School has a facility for the BUSCO should they choose to use it. The parties acknowledge, that should the BUSCO wish to utilize the district facility, will simultaneously hereafter the parties are executing a lease agreement of the same date hereafter. The parties agree that a default under this Agreement shall constitute a default under said lease agreement and a default under the lease agreement shall constitute a default under this Agreement.

Cross-default clause. In addition to any general lien or similar right to which the Bank is in law generally entitled, the Bank may at its discretion use and enforce its right of set-off and cross default between all the facilities sanctioned to you. For the purposes of cross default: The Borrower agree and confirm that the Bank may at its absolute discretion appropriate any payments made by the Borrower under the facilities towards another agreement or transaction entered into by the Borrower and/or towards any other Indebtedness of the Borrower and such appropriation shall be final and binding upon the Borrower and the Borrower shall continue to remain liable to the Bank for payment of dues under this facility in respect of which such sums of money were so paid but were appropriated towards another agreement or transaction entered into by the Borrower or towards another Indebtedness of the Borrower. In addition, the Borrower hereby expressly give the Bank the power to sell/transfer or otherwise dispose of any and all security created in favour of the Bank under the security documents or deposited with the Bank or under its possession or control and appropriate the same towards satisfaction of amounts due to the Bank on account of another agreement or transaction entered into by the Borrower and/ or the Indebtedness of the Borrower. It is also agreed, acknowledged and understood by the Borrower that if you commit a default under this Facility/ies then such default shall be and deemed to be a default of all the other facilities availed of by the Borrower, and notwithstanding anything contrary elsewhere contained in any writing or otherwise, and the Bank shall regard all borrowings by the Borrower as immediately due and payable and the Bank shall be entitled to recall all the facilities granted to the Borrower and also utilize and enforce any mortgage, charge, pledge, hypothecation, lien or any other security interest “Security” created and subsisting as on date towards recovery of its dues under the facilities.