Cross-Collateral

Cross-Collateral

An agreement among project participants to pool collateral, to allow recourse to each other's collateral.

Cross-Collateral

1. In project finance, a pool of assets owned by several different persons and/or organizations that is collectively used as collateral on a loan.

2. Collateral on one loan that is also used as collateral on another loan. In the event of default, both creditors have a claim on the collateral.
References in periodicals archive ?
based Charles Gallagher also said the CU had no cross-collateral clause in the mortgage contract, which would let them repossess the car in the event she fell behind on mortgage payments.
Other acts dress their albums with special guests in order to trade cross-collateral fanbases, and Jay-Z is no stranger to that approach.
A complete review of the documents can include, but may not be limited to the promissory note, deed of trust, mortgage, security agreement, personal guaranties, multiple borrower agreements, cross-collateral, and cross-default agreements, UCC filings, etc.