Cross default: Difference between revisions
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It is designed for the benefit of the lender to ensure that they will enjoy a 'seat at the table' in any refinancing negotiations with the defaulting borrower. | It is designed for the benefit of the lender to ensure that they will enjoy a 'seat at the table' in any refinancing negotiations with the defaulting borrower. | ||
== See also == | == See also == | ||
Latest revision as of 01:42, 22 May 2021
Loan documentation.
A clause in a loan agreement.
It states that a default with any other lender will constitute a default under this agreement.
It is designed for the benefit of the lender to ensure that they will enjoy a 'seat at the table' in any refinancing negotiations with the defaulting borrower.
