Derivatives · glossary
A default under the swap caused by a default on other borrowing above the Threshold Amount. Atlas's clause fires once the other debt can be declared due, so a loan covenant breach put the swap in default at once. Cross-acceleration would wait until the lenders called the loan in. Clause 5.1(f) · Chapter 8
Explained in Chapter 8, The First Winter: Events of Default, Cross Default and the Two Hats, of Derivatives.
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