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cross default meaning

  "cross default" in a sentence
  • [Finance]
    A provisions in a bond indenture or loan agreement that puts the borrower in default if the borrower defaults on another obligation.

Examples

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  1. Therefore, the company should try to repay small debts to avoid cross defaults.
  2. -The company must avoid the " cross default " of the loan.
  3. Cross default means default by the borrower on any borrowings will be considered a default on this issue.
  4. It is loaded with phrases like " cascading cross defaults . " You've heard Greenspan use that term.
  5. There has been talk that the IMF's standby credit may come in the form of " cross default ".

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