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Cross-Default |
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Cross-default Cross-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. How to thank TFD for its existence? Tell a friend about us, add a link to this page, add the site to iGoogle, or visit webmaster's page for free fun content. |
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We'll take a look at an operator's other properties with an eye to financing them as a group, because we like to be able to cross-collateralize, cross-default. All outstanding debentures and notes were issued under the 1997 Indenture, which does not provide any material restrictions related to additional debt, change of control or sale of assets, nor does it contain any cross-default or cross-acceleration provisions. The Clear Channel Indenture does not provide any material restrictions related to additional debt, change of control or sale of assets, nor does it contain any cross-default or cross-acceleration provisions. |
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