Common use of CROSS COLLATERALISATION Clause in Contracts

CROSS COLLATERALISATION. Any security(ies) furnished by the borrower(s), under any other Agreement entered into/to be entered into with the Bank, shall be deemed to be the security(ies) under this Agreement. The borrower(s) hereby agree(s) and accept(s) that in the event of default in respect of any credit facilities granted by the Bank to the borrower(s) all the securities provided under this Agreement or under any other Agreement entered into/to be entered into with the Bank shall operate as a continuing security for all the obligations/facilities extended to and availed by the borrower(s) from the Bank or and that the same shall continue to vest in the Bank till the time any of the said obligations/facilities are open and have not been closed/ liquidated or confirmed by the Bank as closed/liquidated notwithstanding the existence of a credit balance in the said account or partial payment or fluctuation of accounts.

CROSS COLLATERALISATION. Any security(ies) furnished by the borrower(s), under any other Agreement entered into/to be entered into with the Bank, shall be deemed to be the security(ies) under this Agreement. NSLAP 05/18 The borrower(s) hereby agree(s) and accept(s) that in the event of default in respect of any credit facilities granted by the Bank to the borrower(s) ), all the securities provided under this Agreement or under any other Agreement entered into/to be entered into with the Bank shall operate as a continuing security for all the obligations/facilities extended to and availed by the borrower(s) from the Bank or and that the same shall continue to vest in the Bank till the time any of the said obligations/facilities are open and have not been closed/ closed/liquidated or confirmed by the Bank as closed/liquidated closed notwithstanding the existence of a credit balance in the said account or partial payment or fluctuation of accounts.