Template:2014 ISDA Credit Derivatives Definitions 1: Difference between revisions

Template:2014 ISDA Credit Derivatives Definitions 1 (view source)

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 {{2014 ISDA Credit Derivatives Definitions 1.52}}
-'''Section {{cddprov|1.47}} Grace Period {{cddprov|Business Day}}'''. “'''{{cddprov|Grace Period Business Day}}'''” means a day on which commercial banks and foreign exchange markets are generally open to settle payments in the place or places and on the days specified for that purpose in the relevant Obligation or, if a place or places are not so specified, (a) if the {{cddprov|Obligation Currency}} is the euro, a {{cddprov|TARGET Settlement Day}}, or (b) otherwise, a day on which commercial banks and foreign exchange markets are generally open to settle payments in the principal financial city in the jurisdiction of the {{cddprov|Obligation Currency}}.<br>
 '''Section {{cddprov|1.48}} Potential {{cddprov|Failure to Pay}}'''. “'''{{cddprov|Potential Failure to Pay}}'''” means the failure by the {{cddprov|Reference Entity}} to make, when and where due, any payments in an aggregate amount of not less than the {{cddprov|Payment Requirement}} under one or more Obligations in accordance with the terms of such Obligations at the time of such failure, without regard to any grace period or any conditions precedent to the commencement of any grace period applicable to such Obligations.<br>
 '''Section {{cddprov|1.49}} Provisions Relating to Timing'''. Subject to Sections {{cddprov|1.38}} (Requirements Regarding Notices) and {{cddprov|1.50}} (Payment Timing), in order to determine the day on which an event occurs for purposes of the Definitions, the demarcation of days shall be made by reference to Greenwich Mean Time (or, if the Transaction Type of the {{cddprov|Reference Entity}} relates to Japan, Tokyo time), irrespective of the time zone in which such event occurred. Any event occurring at midnight shall be deemed to have occurred immediately prior to midnight.<br>