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 ?
Petersburg, Fla.-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.
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Other acts dress their albums with special guests in order to trade cross-collateral fanbases, and Jay-Z is no stranger to that approach.
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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.
Buying it right: the due diligence review process
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