SECURITY; CROSS-COLLATERALIZATION Sample Clauses

SECURITY; CROSS-COLLATERALIZATION. The Business shall execute in favor of the IDED all security agreements, financing statements, mortgages, personal and/or corporate guarantees (the “Security Documents”) as required by the IDED.

SECURITY; CROSS-COLLATERALIZATION. (a) The JKP Promissory Note, as amended by this Second Amendment, shall be secured by all of the same collateral (collectively, the “Shared Collateral”) that secures the obligations of the borrowers under the Aquarian Loan Agreement (as defined in Paragraph 9(b)). The JKP Promissory Note, as amended by this Second Amendment, shall also continue to be secured by the Pledge Agreement, which remains in full force and effect.

SECURITY; CROSS-COLLATERALIZATION. Borrowers have granted or will grant to Bank a security interest in the Collateral described in the Loan Documents and such other security instruments as are executed from time to time, including, but not limited to, Mortgages with respect to each of the Properties, and pledges of the Securitization Interests, all of which Collateral shall secure all of the Obligations. As more fully set forth in the Cross-Collateralization and Cross-Default Agreement dated of even date herewith among Borrowers, Bank, and Xxxxx Fargo Capital Finance, LLC f/k/a Xxxxx Fargo Foothill, LLC (“WFCF”), each Borrower acknowledges and agrees that (a) the Obligations secured by the Collateral include all now existing and hereafter arising obligations and liabilities of Borrowers to WFCF (the “WFCF Obligations”), and (b) the obligations and liabilities secured by any and all collateral now or hereafter granted, pledged or assigned by any Borrower to WFCF include all of the Obligations hereunder; provided, that, (i) if no Default exists hereunder at the time of the payment in full of all WFCF Obligations, then the Obligations shall cease to be secured by the collateral granted to WFCF (but not the Collateral) at such time, and (ii) if no default or event of default exists under any credit facility between any Borrower and WFCF at the time of the payment in full of all Obligations hereunder, then the WFCF Obligations shall cease to be secured by the Collateral granted to Bank under the Loan Documents (but not the collateral granted to WFCF under or in connection with any such credit facility) at such time. SECURITIZATION INTERESTS. Borrowers acknowledge that Appendix 2 attached hereto contains certain terms and conditions that are applicable to the Securitization Interests and the pledge thereof to Bank, all of which terms and conditions are incorporated into this Agreement by reference and shall be a part hereof.

SECURITY; CROSS-COLLATERALIZATION. The indebtedness evidenced by this Note and the obligations created hereby are secured by, among other things, that certain mortgage, deed of trust or deed to secure debt and security agreement (the “Security Instrument”) from Maker for the benefit of Payee, dated of even date herewith, covering property located in Xxxxx County, Florida, and the Contemporaneous Security Instruments and the Contemporaneous Assignments. Some of the Loan Documents are to be filed for record on or about the date hereof in the appropriate public records. Maker acknowledges that Xxxxx has made the loan evidenced by this Note to Maker upon the security of its collective interest in the Security Property and the Other Mortgaged Properties and in reliance upon the aggregate of the Security Property and the Other Mortgaged Properties taken together being of greater value as collateral security than the sum of the Security Property and Other Mortgaged Properties taken separately. Maker agrees that this Note and the Security Instrument are and will be cross-collateralized and cross-defaulted with the Contemporaneous Notes, the Contemporaneous Security Instruments and Contemporaneous Assignments.