cross-default

"By taking this action, Sprint is proactively providing protection and flexibility with respect to its debt agreements and eliminating ongoing investor concerns about any potential cross-default risk," a company spokeswoman said.

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Still, the company missed an interest payment to a group of its noteholders in October, resulting in default on these notes as well as a cross-default on its secured loan.

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"By taking this action, Sprint is proactively providing protection and flexibility with respect to its debt agreements and eliminating ongoing investor concerns about any potential cross-default risk," a company spokeswoman said.

Sprint Reduces Voting Interest In Clearwire Roger Cheng 2011

In addition to leaving the door open for damages further down the road, the panel did grant Mr. Silverstein a key point: the elimination of the "cross-default," which held that Mr. Silverstein had to build all three of his towers within five years or all three properties would be forfeited.

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National Express maintains it isn't subject to cross-default.

CVC Consortium Raises National Express Bid 2009

Stagecoach said that the government would take back control of the East Coast line, regardless of change of control of National Express, but wouldn't seek to enforce the cross-default provisions in respect of other rail franchises run by Stagecoach or National Express.

CVC Consortium Raises National Express Bid 2009

And whilst National Express has lost the service annoucned today, under cross-default clauses, the Transport Secretary, Lord Adonis, could strip National Express of all its contracts, now that the group has handed back one franchise.

Archive 2009-07-01 2009

It already has $1.2 billion of debt that is past due and an additional $ 4.1 billion that banks could call due if they choose because of cross-default provisions.

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And whilst National Express has lost the service annoucned today, under cross-default clauses, the Transport Secretary, Lord Adonis, could strip National Express of all its contracts, now that the group has handed back one franchise.

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There had been some doubt over whether the government would strip National Express of c2c and East Anglia through a mechanism called cross-default, which is in place to prevent companies from walking away from franchises when they make losses.

CVC Consortium Raises National Express Bid 2009