cross-default
C2CEFR level
85/100Rarity: very rare
TechnicalRegister
Law noun
A clause providing that a default by the borrower under any other financial indebtedness automatically triggers a default under this agreement.
The cross-default provision was tripped when the group missed a payment on its bond.
Business noun
A clause triggering default on one obligation the moment the borrower defaults on another.
A missed coupon on the bonds tripped the cross-default and accelerated the entire loan book.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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