Cross Default and Cross Collateralization. Any Event of Default under the terms of the Loan shall constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender and Borrower. Should an event of default occur under the terms of any of said loans, which event is subject to notice and cure periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans owed by Borrower to Lender, Each of the foregoing loans between Lender and Borrower shall also be cross-collateralized, whether such loans are now existing or hereafter entered into between Lender and Borrower at any time.
Appears in 4 contracts
Samples: Loan Agreement, Loan Agreement (Odyssey Marine Exploration Inc), Loan Agreement (Odyssey Marine Exploration Inc)
Cross Default and Cross Collateralization. Any Event of Default under the terms of the Loan shall constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender Bank and any Borrower. Should an event of default occur under the terms of any of said loans, which event is subject to notice and cure periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans owed by any Borrower to Lender, Bank. Each of the foregoing loans between Lender Bank and any Borrower shall also be cross-collateralized, whether such loans are now existing or hereafter entered into between Lender Bank and Borrower at any time.
Appears in 3 contracts
Samples: Revolving Credit Loan and Security Agreement (Deer Valley Corp), Revolving Credit Loan and Security Agreement (Deer Valley Corp), Revolving Credit Loan and Security Agreement (Deer Valley Corp)
Cross Default and Cross Collateralization. Any Event of Default under the terms of the Loan shall constitute and hereby is declared to be an immediate and absolute default under the terms of all loans between Lender Bank and Borrower. Should an event of default occur under the terms of any of said loans, which event is subject to notice and cure periods, if any, failure to cure such event of default within such curative period shall constitute an immediate default under this Loan and all such other loans owed by Borrower to Lender, Bank. Each of the foregoing loans between Lender Bank and Borrower shall also be cross-collateralized, whether such loans are now existing or hereafter entered into between Lender Bank and Borrower at any time.
Appears in 2 contracts
Samples: Revolving Credit Loan and Security Agreement (Deer Valley Corp), Revolving Credit Loan and Security Agreement (Cytation Corp)
