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default clause

См. также в других словарях:

  • cross-default clause — The most onerous clause in a loan agreement, stating that if the borrower defaults on one loan, any other loans may become repayable. The cross default clause is activated when another lender is in a position to call a default on its loan or an… …   Accounting dictionary

  • default interest provision — A provision in a contract which: • Provides a contractual sanction against non payment of a sum of money; and • Is a form of liquidated damages for that non payment. A default interest provision is nearly always included in an agreement where… …   Law dictionary

  • Default-Klausel — Die Default Klausel (engl. default = „Leistungsstörung, Verzug“) ist eine Vereinbarung in internationalen Anleihebedingungen oder in Kreditverträgen, wonach der Gläubiger das Recht eingeräumt bekommt, den Anleihe oder Kreditbetrag sofort fällig… …   Deutsch Wikipedia

  • event of default — A critical clause in a loan agreement, the breaching of which will make the loan repayable immediately. The breaching of any covenant clause will be an event of default. Events of default also include failure to pay, failure to perform other… …   Accounting dictionary

  • cross-default — A clause which operates by automatically defaulting a party under Agreement A where it has defaulted under Agreement B. A cross default provision effectively gives the non defaulting party under Agreement A the benefit of the default provisions… …   Law dictionary

  • UK default charges controversy — The UK default charges controversy is an on going issue in consumer law, relating to the level of fees charged by banks and credit card companies for late or dishonoured payments, exceeding credit limits, etc.Legal backgroundA personal account… …   Wikipedia

  • acceleration clause — n: a clause (as in a loan agreement) that accelerates the date of payment in full under specified circumstances (as default by the debtor) Merriam Webster’s Dictionary of Law. Merriam Webster. 1996. acceleration clause …   Law dictionary

  • Mulligan clause — United Kingdom A clause in a facility agreement which provides that a breach of a financial covenant will not be treated as an event of default unless that covenant is breached for a second time. In an even more borrower friendly version of the… …   Law dictionary

  • penalty clause — n 1: a clause (as in a contract) that calls for a penalty to be paid or suffered by a party under specified terms (as in the event of a breach) and that is usu. unenforceable ◇ A penalty clause differs from a liquidated damages clause by not… …   Law dictionary

  • Due-on-sale clause — A due on sale clause is a clause in a loan or promissory note that stipulates that the full balance may be called due upon sale or transfer of ownership of the property used to secure the note. The lender has the right, but not the obligation, to …   Wikipedia

  • Himalaya clause — A Himalaya clause is a contractual provision expressed to be for the benefit of a third party who is not a party to the contract. Although theoretically applicable to any form of contract, most of the jurisprudence relating to Himalaya clauses… …   Wikipedia

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