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cross-collateralization |
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cross-collateralization The process of tying two or more mortgages together so that the security of one note stands as security for the other notes. A step often taken in a debt workout after default so that the creditor may enhance the amount of collateral available for a debt and also increase the hostage value of property, thereby discouraging any plans the debtor might have to simply turn in the keys and abandon mortgaged property to the creditor. 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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The transaction was structured as 16 separate loans without cross-collateralization to provide Winston Hotels with optimal flexibility in managing its portfolio. Because of unlimited cross-collateralization, meaning the ability of bond holders to pursue other collateral for payment of special taxes, when the district in Colorado defaulted, the homeowners were presented with a large financial burden. Fitch believes the risks associated with a concentration of theatres in one market are mitigated by the cross-collateralization of the entire AMC portfolio in this transaction. |
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