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09:24 Oct 12, 2001
English to Spanish translations [PRO] Bus/Financial
English term or phrase:cross defaulted
It´s a loan agreement, WHEREAS clauses:
WHEREAS, Lender desires that ... the PC Loan Agreement and the BC Loan Agreement be cross defaulted.
English Term cross-default clause
Definition a clause in a loan agreement specifying that default on any other loans to the borrower shall be regarded as default on this one
Spanish Term cláusula recíproca en caso de incumplimiento
Davorka Grgic Local time: 08:08 Native speaker of: Croatian, Spanish PRO pts in pair: 905
claúsula de insolvencia recíproca, cláusula de cancelación simultánea de deuda
Explanation: Just in case you need to elaborate more ...
This is a debt reciprocal cancelation between two loans in case of the fault. This works like this: In case of default in one of the loan agreements, the other loan agreement is reciprocally cancelled (cross defaulted)up to the limit of the denominated value of the default incurred by the other. I hope it helps.