Cross-Collateral

Cross-Collateral

An agreement among project participants to pool collateral, to allow recourse to each other's collateral.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.

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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved
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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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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.
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