Easily Delete Cross Out Option from the Waiver Of Loan Default Agreement

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What is default clause in an agreement?

A default clause is a provision in a legal contract that states what will happen if either party in a contract defaults or fails to hold up their end of the agreement. These clauses can be found in any type of contract including loan agreements, lease agreements, and property agreements.

What is a cross-default clause in a loan agreement?

What Is Cross Default? Cross default is a provision in a bond indenture or loan agreement that puts a borrower in default if the borrower defaults on another obligation. For instance, a cross-default clause in a loan agreement may say that a person automatically defaults on his car loan if he defaults on his mortgage.

What is the difference between cross-default and cross acceleration in credit agreements?

A cross-acceleration clause is similar to the cross-default clause, except that the debt under the other debt agreement must have been accelerated or otherwise been made to be due and payable in full prior to its stated maturity before the default under the credit agreement is triggered.

What happens with a cross-default?

A cross-default clause is a standard clause in borrowing documents. It ensures that if a borrower formally defaults on a specific borrowing, all other borrowings with cross-default language are automatically declared in default as well.

What is the no cross-default clause?

The Parties acknowledge and agree that any default by a party to the Site Lease Agreement shall not constitute an Event of Default under this Agreement, and that any such default under the Site Lease Agreement shall be addressed ing to the terms of the Site Lease Agreement. No Cross Default.

Is cross-default good or bad?

BdocHub of Fiduciary Duty and Cross-Default Provisions These provisions in a financing agreement can be harmful to a company because they docHubly increase the companys obligation in the event of a default on one loan.

What is a cross collateral cross-default agreement?

Both cross-collateralization (aka dragnet) and cross-default clauses are common provisions in commercial loan documents. A cross-collateralization clause generally provides that the same collateral, often real property, secures multiple loans from the same lender.

What is the standard cross-default clause?

A cross-default clause is a standard clause in borrowing documents. It ensures that if a borrower formally defaults on a specific borrowing, all other borrowings with cross-default language are automatically declared in default as well.

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Delete Cross Out Option from the Waiver Of Loan Default Agreement