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Cross-Default

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Cross-default
A provision under which default on one debt obligation triggers default on another debt obligation.

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.


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Any cross-default or cross-collateralization provisions would have to be negotiated out or replaced with other forms of security.
The firm stressed that, having taken legal advice, it was "confident" the Government could not also seize its East Anglia and c2c franchises and would fight any moves for cross-default.
The cross-default provisions relating to the Company's other indebtedness have been eliminated.
 
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