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Cross-default financial definition of Cross-default?

Cross-default financial definition of Cross-default?

WebGenerally a default clause allows the non-breaching party to terminate the contract, execute a specific course of action or request damages based on the default. Most default clauses come into effect when a party fails to make payment by a certain date or fails to perform some type of work or service in a timely manner. WebCross-Default. A provision in a loan agreement or other debt obligation stating that the borrower defaults if he/she goes into default on any other obligation. For example, a cross-default provision may state that a person defaults on his car lease if he defaults on his mortgage. This provision exists to protect the lender. 23 meaderboro road rochester nh WebCross-Default vs. Cross-Acceleration in Credit Agreements. Summary. This practice note discusses the differences between cross-default clauses and cross-acceleration … Webparty. In this way, the borrower prevents triggering of -default clause incross other loan agreements by the weakest cross default clauses. 5) Limiting the number of parties to … 23 meadow ave campbelltown WebCover for cross liability It is agreed and understood that otherwise subject to the terms, exclusions, provisions and conditions contained in the Policy or endorsed thereon and subject to the Insured having paid the agreed extra premium, the third party liability cover of the Policy shall apply to the insured parties named in the Schedule as if a WebThe following events shall be Events of Default: 1.1. The occurrence of an Event of Default (as defined in the Notes) under the Notes; 1.2. Any representation or warranty of the Company in this Agreement or in the Loan Agreement shall prove to have been incorrect in any material respect when made; 1.3. bouncer 74 WebSet of financing and security contracts Depending on the wording of the clause the cross default may also apply to the loans obtained by affiliated companies. English law or enter equitable, lease and they can demand by which requires repayment. You temporary access, clauses providing a clause comes into account of an extreme remedies under ...

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