► FINANCEa promise made by a number of companies in a group that a loan to one of the companies will be paid back, if that company cannot pay back the loan itself: »
Although some of the company's debt has a cross guarantee from its partner, both companies are probably worth less than the debt they support.
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a cross-guarantee agreement
cross-guaranteedadjective
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The company is a wholly owned, cross-guaranteed subsidiary of Benson UK plc.