Cross-Default Provision definition
Cross-Default Provision has the meaning set forth in Section 5.03(f) hereto.
Cross-Default Provision means a contractual right to demand or accelerate repayment of any Indebtedness of all or any of the Group Companies or to withdraw any commitment to provide finance to all or any of the Group Companies on the occurrence of any event which would entitle any other creditor or creditors of all or any of the Group Companies to demand or accelerate repayment of any Indebtedness of all or any of the Group Companies other than in respect of any mandatory prepayment triggered by a Change of Control or to withdraw any commitment to provide finance (other than where such right arises due to illegality or increased costs) to all or any of the Group Companies (whether or not such other creditor or creditors do so demand, accelerate or withdraw).
Cross-Default Provision means a written agreement given to a lender in connection with the extension of credit which would permit such lender to accelerate the maturity of its Indebtedness upon the occurrence of a default under the terms of Indebtedness owed to another lender or lenders.
Examples of Cross-Default Provision in a sentence
Prior to the Borrower or any Material Subsidiary entering into any agreement containing a Covenant Cross-Default Provision, the Borrower shall execute an instrument in form reasonably satisfactory to the Administrative Agent agreeing that the occurrence of any of the events or conditions that would result in an Acceleration Right pursuant to the applicable Covenant Cross-Default Provision shall also constitute an Event of Default under this Agreement.