Cross Default is specified in the Schedule as applying to the party, the occurrence or existence of (1) a default, event of default or other similar condition or event (however described) in respect of such party, any Credit Support Provider of such party or any applicable Specified Entity of such party under one or more agreements or instruments relating to Specified Indebtedness of any of them (individually or collectively) in an aggregate amount of not less than the applicable Threshold Amount (as specified in the Schedule) which has resulted in such Specified Indebtedness becoming, or becoming capable at such time of being declared, due and payable under such agreements or instruments, before it would otherwise have been due and payable or (2) a default by such party, such Credit Support Provider or such Specified Entity (individually or collectively) in making one or more payments on the due date thereof in an aggregate amount of not less than the applicable Threshold Amount under such agreements or instruments (after giving effect to any applicable notice requirement or grace period);
Cross Default provisions of Section 5(a)(vi) will not apply to Party A and will not apply to Party B.
Cross Default provisions of Section 5(a)(vi) will apply to Party A, and will apply to Party B.
Examples of Cross Default in a sentence
Cross-Default: Any breach of this Agreement by Customer shall also constitute a breach by Customer of all other agreements Customer may have with GEARHEAD.
Section 16.1 Cross-Default and Cross-Collateralization of Property.
Sections 5(a)(ii) (Breach of Agreement; Repudiation of Agreement), 5(a)(iv) (Misrepresentation), 5(a)(v) (Default under Specified Transaction), 5(a)(vi) (Cross-Default), 5(a)(vii)(9) and 5(a)(viii) (Merger without Assumption) shall not apply in respect of either party.
More Definitions of Cross Default
Cross Default means the event specified in Section 5(a)(vi).
Cross Default provisions of Section 5(a)(vi) of the Agreement will be inapplicable to Party A and Party B.
Cross Default provisions of Section 5(a)(vi) will, with respect to Party A, apply to it where Party A is the Issuer and will not apply to it where Party A is not the Issuer, and, with respect to Party B, will not apply to it. If such provisions apply: Clauses (1) and (2) of Section 5(a)(vi) of the Agreement shall be deleted and replaced with “an Issuer Event of Default in respect of Party A which has resulted in Covered Bonds becoming due and payable under their respective terms.”
Cross Default provisions of Section 5(a)(vi) will not apply to BSFP or to Counterparty.
Cross Default provisions of Section 5(a)(vi) will apply to Party A and will not apply to Party B. For purposes of Section 5(a)(vi), solely with respect to Party A:
Cross Default provisions of Section 5(a)(vi) of the ISDA Form Master Agreement will not apply to BSFP or to Counterparty.
Cross Default is specified in the Schedule as applying to the party, the occurrence or existence of:—