CROSS COLLATERALISATION. Any security(ies) furnished by the Borrower, if any, under any other agreement entered into or to be entered into with the Bank, shall be deemed to be the Security under this Agreement and shall not be discharged till such time all the loan(s)/ facility(ies) are fully discharged to the satisfaction of the Bank. The Borrower expressly agrees and accepts that in the event of any default being committed by the Borrower under any other agreement with the Bank, under which the Borrower is enjoying financial/ credit facility, such event, shall be considered as an Event of Default occurred under this Agreement and the Bank, shall be absolutely entitled to exercise all or any of its rights under this Agreement including right to set off in respect of any amount standing to the credit of the Borrower in any/all of the loan/facility(ies) availed/to be availed from the Bank.
Appears in 8 contracts
Samples: Overdraft Facility Agreement, Facility Agreement, Facility Agreement
