[ESMA 33-128-563 Securitisation Q&A, Q&A 5.5.6]

The concept of “Default of Property” understood as a reference to the underlying exposure. In other words, this field must be completed by reference to whether non-payments on equal ranking underlying exposures constitute a default of such underlying exposures (with the term “equal ranking” given its legal meaning) — commonly referred to as ‘cross-default’ clauses.