Common use of Cross Collateralization Within Pool; Contribution Clause in Contracts

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 Borrower acknowledges that Lender is making Loan 2 to the Pool 2 Borrowers upon the security of its collective interest in the Pool 2 Properties and in reliance upon the aggregate of the Pool 2 Properties taken together being of greater value as collateral security than the sum of each Pool 2 Property taken separately. Each Pool 2 Borrower agrees that each Mortgage of a Pool 2 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 Properties as security for Note 2; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 4 contracts

Samples: Cooperation Agreement (Ashford Hospitality Trust Inc), And Cooperation Agreement (Ashford Hospitality Trust Inc), And Cooperation Agreement (Ashford Hospitality Trust Inc)

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Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 1 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 1 Borrowers upon the security of its collective interest in the Pool 2 1 Properties and in reliance upon the aggregate of the Pool 2 1 Properties taken together being of greater value as collateral security than the sum of each Pool 2 1 Property taken separately. Each Pool 2 1 Borrower agrees that each Mortgage of a Pool 2 1 Property is and will be cross-collateralized and cross-cross- defaulted with each other Mortgage of a Pool 2 1 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 1 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 2 contracts

Samples: And Cooperation (Ashford Hospitality Trust Inc), And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 7 Borrower acknowledges that Lender is making Loan 2 7 to the Pool 2 7 Borrowers upon the security of its collective interest in the Pool 2 7 Properties and in reliance upon the aggregate of the Pool 2 7 Properties taken together being of greater value as collateral security than the sum of each Pool 2 7 Property taken separately. Each Pool 2 7 Borrower agrees that each Mortgage of a Pool 2 7 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 7 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 7 Properties as security for Note 27; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 2 contracts

Samples: And Cooperation (Ashford Hospitality Trust Inc), And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 Borrowers upon the security of its collective interest in the Pool 2 Properties and in reliance upon the aggregate of the Pool 2 Properties taken together being of greater value as collateral security than the sum of each Pool 2 Property taken separately. Each Pool 2 Borrower agrees that each Mortgage of a Pool 2 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 3 Borrower acknowledges that Lender is making Loan 2 3 to the Pool 2 3 Borrowers upon the security of its collective interest in the Pool 2 3 Properties and in reliance upon the aggregate of the Pool 2 3 Properties taken together being of greater value as collateral security than the sum of each Pool 2 3 Property taken separately. Each Pool 2 3 Borrower agrees that each Mortgage of a Pool 2 3 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 3 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 3 Properties as security for Note 23; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 1 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 1 Borrowers upon the security of its collective interest in the Pool 2 1 Properties and in reliance upon the aggregate of the Pool 2 1 Properties taken together being of greater value as collateral security than the sum of each Pool 2 1 Property taken separately. Each Pool 2 1 Borrower agrees that each Mortgage of a Pool 2 1 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 1 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 1 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 5 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 5 Borrowers upon the security of its collective interest in the Pool 2 5 Properties and in reliance upon the aggregate of the Pool 2 5 Properties taken together being of greater value as collateral security than the sum of each Pool 2 5 Property taken separately. Each Pool 2 5 Borrower agrees that each Mortgage of a Pool 2 5 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 5 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 5 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

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Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 4 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 4 Borrowers upon the security of its collective interest in the Pool 2 4 Properties and in reliance upon the aggregate of the Pool 2 4 Properties taken together being of greater value as collateral security than the sum of each Pool 2 4 Property taken separately. Each Pool 2 4 Borrower agrees that each Mortgage of a Pool 2 4 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 4 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 4 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 3 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 3 Borrowers upon the security of its collective interest in the Pool 2 3 Properties and in reliance upon the aggregate of the Pool 2 3 Properties taken together being of greater value as collateral security than the sum of each Pool 2 3 Property taken separately. Each Pool 2 3 Borrower agrees that each Mortgage of a Pool 2 3 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 3 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 3 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 3 Borrower acknowledges that Lender is making Loan 2 3 to the Pool 2 3 Borrowers upon the security of its collective interest in the Pool 2 3 Properties and in reliance upon the aggregate of the Pool 2 3 Properties taken together being of greater value as collateral security than the sum of each Pool 2 3 Property taken separately. Each Pool 2 3 Borrower agrees that each Mortgage of a Pool 2 3 Property is and will be cross-collateralized and cross-cross- defaulted with each other Mortgage of a Pool 2 3 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 3 Properties as security for Note 23; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

Cross Collateralization Within Pool; Contribution. (a) Each Pool 2 6 Borrower acknowledges that Lender is making Loan 2 1 to the Pool 2 6 Borrowers upon the security of its collective interest in the Pool 2 6 Properties and in reliance upon the aggregate of the Pool 2 6 Properties taken together being of greater value as collateral security than the sum of each Pool 2 6 Property taken separately. Each Pool 2 6 Borrower agrees that each Mortgage of a Pool 2 6 Property is and will be cross-collateralized and cross-defaulted with each other Mortgage of a Pool 2 6 Property so that (i) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under any of such Mortgages shall constitute an Event of Default under each of the other such Mortgages securing the related Note; (ii) an Event of Default which continues beyond the expiration of any applicable notice and cure periods under the related Loan Agreement or this Agreement shall constitute an Event of Default under each such Mortgage; (iii) each such Mortgage shall constitute security for the related Note as if a single blanket lien were placed on all of the Pool 2 6 Properties as security for Note 21; and (iv) such cross-collateralization shall in no event be deemed to constitute a fraudulent conveyance.

Appears in 1 contract

Samples: And Cooperation Agreement (Ashford Hospitality Trust Inc)

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