Default Correction Date means with respect to an Uncured Default: (i) the day (if any) on which Publicly Available Information exists confirming that a Potential Failure to Pay has been cured and ceases to exist, as determined by the Calculation Agent, provided that such Potential Failure to Pay is cured within the originally applicable grace period prior to the expiry of which such debt is not capable of being declared due and payable, and provided that such cure occurs before a Credit Event as a result of a Failure to Pay occurs or (ii) the Repudiation/Moratorium Evaluation Date, provided that no Failure to Pay, determined without regard to the Payment Requirement or Restructuring, and without regard to the Default Requirement has occurred on or prior to the Repudiation/Moratorium Evaluation Date.
Default Correction Date means with respect to an Uncured Default in respect of the Reference Entity that is a Potential Failure to Pay, the day (if any) on which Publicly Available Information exists confirming that a Potential Failure to Pay has been cured and ceases to exist, as determined by the Determination Agent, provided that such Potential Failure to Pay is cured within the originally applicable grace period prior to the expiry of which such debt is not capable of being declared due and payable, and provided that such cure occurs before an Event Determination Date in respect of the Reference Entity as a result of a Failure to Pay occurs.
Default Correction Date means with respect to an Uncured Default in respect of the Reference Entity that is a Potential Failure to Pay, the day (if any) on which Publicly Available Information (as such defined term has been amended in the provisions in “Further additions or variations” below) exists confirming that a Potential Failure to Pay has been cured and ceases to exist, as determined by the Determination Agent, provided that such Potential Failure to Pay is cured within the applicable Grace Period, and provided that such cure occurs before an Event Determination Date in respect of the Reference Entity as a result of a Failure to Pay occurs.
Examples of Default Correction Date in a sentence
No interest shall be payable if any Uncured Default results in an Event Determination Date or if a Default Correction Date has not occurred in respect of each relevant Uncured Default at the time of the occurrence of any Event Determination Date.
The problem is exacerbated when the company has a dominant position and customers cannot switch to the competition (data lock-in).
In the event that, after the relevant Cut-off Date, a Default Correction Date occurs in respect of any Uncured Default, the amount of interest that would have been payable on the Interest Payment Date in the absence of such Uncured Default shall be payable on the Deferred Interest Payment Date and no additional amount shall be due in respect of any such delay.