Common use of Cross Default; Cross Collateral Clause in Contracts

Cross Default; Cross Collateral. The Borrower hereby agrees that (a) all other agreements between Borrower and the Bank is hereby amended so that a default under this Agreement is a default under all other agreements and a default under any one of the other agreements is a default under this Agreement, and (b) the Collateral under this Agreement secures the obligations now or hereafter outstanding under all other agreements between Borrower and the Bank and the collateral pledged under any other agreement with the Bank secures the obligations under this Agreement.

Appears in 1 contract

Sources: Revolving Credit Loan Agreement (Bestway Inc)

Cross Default; Cross Collateral. The Borrower hereby agrees that (a) all other agreements between Borrower and the Bank or any of its affiliates is hereby amended so that a default under this Agreement is a default under all other agreements and a default under any one of the other agreements is a default under this Agreement, and (b) the Collateral under this Agreement secures the obligations now or hereafter outstanding under all other agreements between Borrower and the Bank and the collateral pledged under any other agreement with the Bank secures the obligations under this Agreement.under

Appears in 1 contract

Sources: Loan Agreement (Neutral Posture Ergonomics Inc)

Cross Default; Cross Collateral. The Borrower hereby agrees that (a) all other agreements between the Borrower and the Bank or any of its affiliates is hereby amended so that a default under this Agreement is a default under all other agreements and a default under any one of the other agreements is a default under this Agreement, and (b) the Collateral under this Agreement secures the obligations now or hereafter outstanding under all other agreements between Borrower and the Bank and the collateral pledged under any other agreement with the Bank secures the obligations under this Agreement.

Appears in 1 contract

Sources: Loan Agreement (Plymouth Commercial Mortgage Fund)