Cross-Default; Cross-Collateralization. (a) Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of each Individual Property taken separately. Borrower agrees that each of the Loan Documents (including, without limitation, the Security Instruments) are and will be cross collateralized and cross defaulted with each other so that (i) an Event of Default under any of Loan Documents shall constitute an Event of Default under each of the other Loan Documents; (ii) an Event of Default hereunder shall constitute an Event of Default under each Security Instrument; (iii) each Security Instrument shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance and Borrower waives any claims related thereto.
(b) To the fullest extent permitted by law, Borrower, for itself and its successors and assigns, waives all rights to a marshalling of the assets of Borrower, Borrower’s partners and others with interests in Borrower, and of the Properties, or to a sale in inverse order of alienation in the event of foreclosure of all or any of the Security Instruments, and agrees not to assert any right under any laws pertaining to the marshalling of assets, the sale in inverse order of alienation, homestead exemption, the administration of estates of decedents, or any other matters whatsoever to defeat, reduce or affect the right of Lender under the Loan Documents to a sale of the Properties for the collection of the Debt without any prior or different resort for collection or of the right of Lender to the payment of the Debt out of the net proceeds of the Properties in preference to every other claimant whatsoever. In addition, Borrower, for itself and its successors and assigns, waives in the event of foreclosure of any or all of the Security Instruments, any equitable right otherwise available to Borrower which would require the separate sale of the Properties or require Lender to exhaust its remedies against any Individual Property or any combination of the Properties before proceeding against any other Individual Property or combination of Properties; and further in the event of such foreclosure Borrower does hereby expressly consent to and authoriz...
Cross-Default; Cross-Collateralization. Each Borrower acknowledges that Lender has made the Loan to Borrowers upon the security of its collective interest in the Properties and in reliance upon the aggregate of the Properties taken together being of greater value as collateral security than the sum of the Properties taken separately. Each Borrower agrees that the Mortgages are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under any of the Mortgages shall constitute an Event of Default under each of the other Mortgages which secure the Note; (ii) an Event of Default under the Note or this Agreement shall constitute an Event of Default under each Mortgage; and (iii) each Mortgage shall constitute security for the Note as if a single blanket lien were placed on all of the Properties as security for the Note.
Cross-Default; Cross-Collateralization. Borrower hereby acknowledges that, as consideration for Lender making the Loan to Borrower, the Loan shall be cross-defaulted and cross-collateralized with the loans set forth on Schedule 11.22 attached hereto. Borrower further acknowledges that Lender would be unwilling to make the Loan if Borrower did not agree to cooperate with Lender in executing any and all documents that Lender requests that Borrower execute in order to evidence such cross-defaults and cross-collateralization, including, without limitation, one or more modification agreements in the form attached hereto as Exhibit E, or any additional mortgages or deeds of trust to be recorded against the Property. Notwithstanding anything to the contrary contained in any of the Loan Documents, any and all costs incurred by Lender with respect to the foregoing shall be reimbursed by Borrower to Lender, including, without limitation, the costs of any amendments or endorsements to Lender’s policy of title insurance.
Cross-Default; Cross-Collateralization. The Note is secured by, among other things, this Deed of Trust and those certain other Mortgages, Deeds of Trust, and/or Deeds to Secure Debt of even date herewith, executed by the mortgagor, trustor or grantor, as the case may be, in favor of Beneficiary and covering certain real property and improvements and personal property thereon as described therein and located as described on Schedule I hereof (the “Other Mortgages”). The existence of a Default under this Deed of Trust (after the expiration of any applicable notice and cure periods) shall be deemed and shall constitute an Automatic Default under the Other Mortgages (without any further notice and cure by Beneficiary to Trustor which is hereby specifically waived by Trustor for all purposes), and a Default under any of the Other Mortgages (after the expiration of any applicable notice and cure periods), shall be deemed and shall constitute an Automatic Default under this Deed of Trust and the remaining Other Mortgages (without any further notice and cure by Beneficiary to Trustor which is hereby specifically waived by Trustor for all purposes)
Cross-Default; Cross-Collateralization. Borrower acknowledges that Lender has made the Loan to Borrower upon the security of its collective interest in the Collateral and in reliance upon the aggregate of the Collateral taken together being of greater value as collateral security than the sum of each equity pledge taken separately. Borrower agrees that each of the Loan Documents are and will be cross collateralized and cross defaulted with each other so that (i) an Event of Default under any of Loan Documents shall constitute an Event of Default under each of the other Loan Documents; (ii) an Event of Default hereunder shall constitute an Event of Default under the Pledge Agreement; (iii) the Pledge Agreement shall constitute security for the Note as if a single blanket lien were placed on all of the Collateral as security for the Note; and (iv) such cross collateralization shall in no event be deemed to constitute a fraudulent conveyance and Borrower waives any claims related thereto.
Cross-Default; Cross-Collateralization. The Pledgors acknowledges and agrees that any default under the terms of this Agreement shall constitute a default by the Company under the Debentures, and that any event of default (following expiration of any applicable cure period) under the Debentures shall constitute a default under this Agreement. The security interests, liens and other rights and interests in and relative to any of the real or personal property of the Pledgors now or hereafter granted to the Pledgee by the Pledgors pursuant to any agreement, document or instrument, including, but not limited to, this Agreement or the Debentures shall serve as security for any and all of the Obligations, and, for the repayment thereof, Pledgees may resort to any such collateral in such order and manner as they may elect.
Cross-Default; Cross-Collateralization. The Pledgors acknowledges and agrees that any default under the terms of this Agreement shall constitute a default by the Company under the Notes, and that any event of default (following expiration of any applicable cure period) under the Notes shall constitute a default under this Agreement.
Cross-Default; Cross-Collateralization. This Mortgage shall be cross-defaulted and cross-collateralized with all “Mortgages” (as such term is defined in the Credit Agreement) delivered during the term of the Loan, whether existing as of the date of this Mortgage or subsequently made. A default not cured within any applicable grace or cure period under any of the other Mortgages shall constitute an Event of Default under this Mortgage. An Event of Default under this Mortgage shall constitute an Event of Default under all of the other Mortgages. To the extent not prohibited by applicable law, if Beneficiary, at its option, avails itself of this cross-collateralization/cross-default provision, Beneficiary shall have the option to pursue its remedies in any combinations and against any or all of Beneficiary’s security for the Loan, whether successively, concurrently or otherwise. Mortgagor acknowledges that Beneficiary is unwilling to make the Loan unless Mortgagor agrees that this Mortgage and the other Mortgages are cross-collateralized and cross-defaulted and therefore, since it is in the best interest of Mortgagor that Beneficiary make the Loan, Mortgagor has agreed to cross-collateralize and cross-default the Mortgage and the other Mortgages as set forth hereinabove.
Cross-Default; Cross-Collateralization. Each Pledgor and the Company each acknowledge and agree that any default under the terms of this Agreement shall constitute a default by the Company under the Debenture. The security interests, liens and other rights and interests in and relative to any of the personal property of any Pledgor now or hereafter granted to the Pledgee by any Pledgor pursuant to any agreement, document or instrument, including, but not limited to, this Agreement, the Purchase Agreement or the Debenture, shall serve as security for any and all of the Obligations, and, for the repayment thereof, Pledgee may resort to any such collateral in such order and manner as Pledgee may elect.
Cross-Default; Cross-Collateralization. Mortgagor acknowledges that Mortgagee has made the loan evidenced by the Note to Mortgagor upon the security of its collective interest in the Mortgaged Property and Other Mortgaged Properties and in reliance upon the aggregate of the Mortgaged Property and Other Mortgaged Properties taken together being of greater value as collateral security than the sum of the Mortgaged Property and Other Mortgaged Properties taken separately. Mortgagor agrees that this Mortgage and the other Contemporaneous Security Instruments are and will be cross-collateralized and cross-defaulted with each other so that (i) an Event of Default under either this Mortgage or any of the Contemporaneous Security Instruments shall constitute an Event of Default under both this Mortgage and the Contemporaneous Security Instruments which secure the Note and the Contemporaneous Notes; (ii) an Event of Default under the Note shall constitute an Event of Default under each of this Mortgage, the Contemporaneous Notes, the Contemporaneous Security Instruments and the Contemporaneous Assignments; and (iii) each of this Mortgage, the Contemporaneous Notes and the Contemporaneous Security Instruments and the Contemporaneous Assignments shall constitute security for the Note and the Contemporaneous Notes as if a single blanket lien were placed on the Mortgaged Property and Other Mortgaged Properties as security for the Note and the Contemporaneous Notes.
