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

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{{2014 ISDA Credit Derivatives Definitions 1.52}}
{{2014 ISDA Credit Derivatives Definitions 1.52}}


'''Section {{cddprov|1.46}} Grace Period'''. “'''{{cddprov|Grace Period}}'''” means:<br>
:(a) subject to Sections {{cddprov|1.46}}(b) and (c), the applicable grace period with respect to payments under and in accordance with the terms of such Obligation in effect as of the date as of which such Obligation is issued or incurred;<br>
:(b) if “'''{{cddprov|Grace Period Extension}}'''” is specified as applicable in the related Confirmation, a {{cddprov|Potential Failure to Pay}} has occurred on or prior to the {{cddprov|Scheduled Termination Date}} and the applicable grace period cannot, by its terms, expire on or prior to the {{cddprov|Scheduled Termination Date}} , the {{cddprov|Grace Period}}will be deemed to be the lesser of such grace period and the period specified as such in the related {{cddprov|Confirmation}} or, if no period is specified, thirty calendar days; and<br>
:(c) if, as of the date as of which an Obligation is issued or incurred, no grace period with respect to payments or a grace period with respect to payments of less than three {{cddprov|Grace Period Business Day}}s is applicable under the terms of such Obligation, a {{cddprov|Grace Period}}of three {{cddprov|Grace Period Business Day}}s shall be deemed to apply to such Obligation; provided that, unless “'''{{cddprov|Grace Period Extension}}'''” is specified as applicable in the related Confirmation, such deemed {{cddprov|Grace Period}}shall expire no later than the {{cddprov|Scheduled Termination Date}}.<br>
'''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|1.47}} 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|1.48}} 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>
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