Common use of Cross-Collateralization Clause in Contracts

Cross-Collateralization. To the extent that CNHICA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys any interest in any item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA and its assigns or otherwise, CNHICA acknowledges and agrees that it shall obtain from such third party an agreement that such third party’s interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to such third party.

Cross-Collateralization. To the extent that CNHICA CNHCA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys any interest in any item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA CNHCA and its assigns or otherwise, CNHICA CNHCA acknowledges and agrees that it shall obtain from such third party an agreement that such third party’s interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to such third party.

Cross-Collateralization. To the extent that CNHICA CNHCA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys retains any interest in any item of Financed Equipment securing the repayment of any Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA CNHCA and its assigns or otherwise, CNHICA CNHCA acknowledges and agrees that it shall obtain from such third party an agreement that such third party’s interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to such third party.

Cross-Collateralization. To the extent that CNHICA CNHCA transfers, sells, assigns or otherwise pledges any contract to a third party and conveys retains any interest in any item of Financed Equipment securing the repayment of any CNHCA Receivable, as a result of the related Obligor agreeing to cross-collateralize all obligations owed by such Obligor to CNHICA CNHCA and its assigns or otherwise, CNHICA CNHCA acknowledges and agrees that it shall obtain from such third party an agreement that such third party’s interest in the Financed Equipment shall be expressly subordinate and junior in priority to the repayment of all amounts outstanding under such CNHCA Receivable prior to becoming available to pay any amount outstanding under any other obligation owed by such Obligor to such third party.