Credit Suisse: - For US CDS, one of the important points is that there is no stated "grace period" in the Uniform Offering Circular for Treasury securities. Therefore CDS documents state that a failure to pay principal or coupon can be cured in three days before an ISDA credit event is declared. Although a single Treasury security is the "reference obligation," any Treasury security that is pari passu to this obligation could cause a credit event – as long as it was not cured in three days.
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