SECURITY; CROSS-COLLATERALIZATION Sample Clauses

The 'Security; Cross-Collateralization' clause establishes that the borrower's obligations are secured by certain assets and that collateral provided for one obligation may also secure other obligations under the agreement. In practice, this means that if a borrower defaults on any loan or credit facility covered by the agreement, the lender can claim against the same pool of collateral, regardless of which specific obligation is in default. This clause is designed to maximize the lender's protection by allowing them to use all available collateral to satisfy any outstanding debts, thereby reducing the risk of loss if the borrower fails to meet their obligations.
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.
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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. (b) The JKP Promissory Note, as amended by this Second Amendment, shall be cross-collateralized with all obligations under (i) that certain Term Loan Agreement, dated as of December 1, 2020, by and among HOFREC, Newco, and certain other entities (as initial Borrowers), Aquarian Credit Funding LLC, a Delaware limited liability company (as the initial Administrative Agent), and Investors Heritage Life Insurance Company and Lincoln Benefit Life Company (as the initial Lenders), as amended by Amendment Number 1 to Term Loan Agreement dated January 28, 2021, Amendment Number 2 to Term Loan Agreement dated February 15, 2021, Amendment Number 3 to Term Loan Agreement dated August 30, 2021, Amendment Number 4 to Term Loan Agreement dated August 30, 2021, and Amendment Number 5 to Term Loan Agreement dated December 15, 2021, as assigned on the Second Amendment Date to CH Capital Lending, LLC, a Delaware limited liability company, as the new Administrative Agent and the new Lender, and as further amended by Amendment Number 6 to Term Loan Agreement, dated as of the Second Amendment Date (as so amended and assigned, and as further amended, restated, supplemented, waived or otherwise modified from time to time, the “Aquarian Loan Agreement”); (b) that certain First Amended and Restated Promissory Note, dated as of the Second Amendment Date, in the original principal amount of $4,273,543.46, from HOFREC, payable to the order of IRG, LLC, a Nevada limited liability company (the “IRG Split Note”); and (c) that certain First Amended and Restated Promissory Note, dated as of the Second Amendment Date, in the original principal amount of $4,273,543.46, from HOFREC, payable to the order of Holder (the “JKP Split Note”). Such cross-collateralization of the JKP Promissory Note (as amended by this Second Amendment), the Aquarian Loan Agreement, the IRG Split Note, and the JKP Split Note shall be reflected in (i) the Aquarian Loan Agreement and the agreements executed in connection therewith, (ii) the IRG Split Note, (iii) the JKP Split Note, and/or (iv) approp...
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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 ▇▇▇▇▇ Fargo Capital Finance, LLC f/k/a ▇▇▇▇▇ 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.
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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 ▇▇▇▇▇ 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 ▇▇▇▇▇ 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.
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Related to SECURITY; CROSS-COLLATERALIZATION

  • Cross-Collateralization No Mortgage Loan is cross-collateralized or cross-defaulted with any other mortgage loan that is outside the Mortgage Pool, except in the case of a Mortgage Loan that is part of a Whole Loan.

  • Cash Collateralization If any Event of Default shall occur and be continuing, or if the Revolving L/C Exposure is otherwise required to be cash collateralized pursuant to this Agreement, on the Business Day following the date on which the Borrower receives notice from the Administrative Agent (or, if the maturity of the Loans has been accelerated, Revolving Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving L/C Exposure) demanding the deposit of cash collateral pursuant to this paragraph, the Borrower shall deposit in an account with or at the direction of the Administrative Agent, in the name of the Administrative Agent and for the benefit of the Lenders, an amount in cash in Dollars equal to 103% (or, with respect to Alternate Currency Letters of Credit not cash collateralized in the Alternate Currency, 115%) of the Revolving L/C Exposure as of such date plus any accrued and unpaid interest thereon; provided that, upon the occurrence of any Event of Default with respect to the Borrower described in clause (h) or (i) of Section 8.01, the obligation to deposit such cash collateral shall become effective immediately, and such deposit shall become immediately due and payable, without demand or other notice of any kind. Each such deposit pursuant to this paragraph shall be held by the Administrative Agent as collateral for the payment and performance of the obligations of the Borrower under this Agreement. The Administrative Agent shall have exclusive dominion and control, including the exclusive right of withdrawal, over such account. Such deposits shall not bear interest. Moneys in such account shall be applied by the Administrative Agent to reimburse each Issuing Bank for L/C Disbursements for which such Issuing Bank has not been reimbursed and, to the extent not so applied, shall be held for the satisfaction of the reimbursement obligations of the Borrower for the Revolving L/C Exposure at such time or, if the maturity of the Loans has been accelerated (but subject to the consent of Revolving Facility Lenders with Revolving L/C Exposure representing greater than 50% of the total Revolving L/C Exposure), be applied to satisfy other obligations of the Borrower under this Agreement. If the Borrower is required to provide an amount of cash collateral hereunder as a result of the occurrence of an Event of Default, such amount (to the extent not applied as aforesaid) shall be returned to the Borrower within three Business Days after no Event of Default is continuing.

  • Investment of Cash Collateral Pursuant to the SLA, the Client shall have the right to invest Cash Collateral received in respect of any loan, subject to an obligation, upon the termination of the loan, to return to the Approved Borrower the amount of cash initially pledged (as adjusted for any interim marks-to-market).

  • Obligation to Cash Collateralize At any time there shall exist a Defaulting Lender, within one Business Day following the written request of the Administrative Agent or the L/C Issuer (with a copy to the Administrative Agent), the Borrower shall Cash Collateralize the L/C Issuer’s Fronting Exposure with respect to such Defaulting Lender (determined after giving effect to Section 2.15(a)(iv) and any Cash Collateral provided by such Defaulting Lender) in an amount not less than the Minimum Collateral Amount.

  • Lien on Deposit Accounts Cash Collateral To further secure the prompt payment and performance of all Obligations, each Grantor hereby grants to Super Priority Agent, a continuing security interest in and Lien upon all of such Grantor’s right, title and interest in and to each Deposit Account (other than any Excluded Collateral) of such Grantor, and any deposits or other sums at any time credited to any such Deposit Account. Upon the occurrence of a Default or an Event of Default, each Grantor authorizes and directs each bank or other depository to deliver to Super Priority Agent, on a daily basis, all balances in each Deposit Account (other than any Excluded Collateral) maintained by such Grantor with such depository for application to the Obligations then outstanding. Each Grantor irrevocably appoints Super Priority Agent as such Grantor’s attorney-in-fact to collect such balances to the extent any such delivery is not so made.