Cross Default definition
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
The Parties acknowledge and agree that the payment of all Costs pursuant to this Agreement are reasonably foreseeable as direct losses of UTG in the event of such Cross Default and contemplated by the Parties as direct losses of UTG hereunder, under the Share Purchase Agreement, and under the Shareholders Agreement in the event of such Cross Default.
No Cross Default shall occur or have occurred, in each case which has not been cured within 30 days, during the term of this Agreement.
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 not apply to BSFP or to Counterparty.
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) of the ISDA Form Master Agreement will not apply to BSFP or to Counterparty.
Cross Default. The terms of the Notes will contain a cross default provision as further described in Condition 11. Status of the Notes: The Notes will constitute direct, unconditional, unsubordinated
Cross Default provisions of Section 5(a)(vi) will not apply to Party B and will apply to Party A with a Threshold Amount equal to three percent of the applicable Relevant Entity’s Shareholders’ Equity provided, however, that, notwithstanding the foregoing, an Event of Default shall not occur under either 5(a)(vi)(1) or (2) if: (A) (I) the default, or other similar event or condition referred to in (1) or the failure to pay referred to in (2) is a failure to pay or deliver caused by an error or omission of an administrative or operational nature, and (II) funds or the asset to be delivered were available to such party to enable it to make the relevant payment or delivery when due and (III) such payment or delivery is made within three (3) Local Business Days following receipt of written notice from an interested party of such failure to pay, or (B) such party was precluded from paying, or was unable to pay, using reasonable means, through the office of the party through which it was acting for purposes of the relevant Specified Indebtedness, by reason of force majeure, act of State, illegality or impossibility.