european-union legal-terms definition
&quot;Concessions&quot; meaning in this context
<blockquote>
<p>For the purposes of unlikeliness to pay as referred to in point (d) of Article 178(3) of Regulation (EU) No 575/2013, a distressed restructuring should be considered to have occurred <strong>when concessions have been extended</strong> towards a debtor facing or about to face difficulties in meeting its financial commitments as specified in paragraphs 163-167 and 172-174 of Annex V Commission Implementing Regulation (EU) No 680/2014 of 16 April 20143 as amended by Commission Implementing Regulation (EU) 2015/2274.</p>
</blockquote>
<p>What does: &quot;concessions have been extended&quot; mean in this context? I tried to google it but could not find anything that seem to fit and make sence</p>

<blockquote>
<p>What does: &quot;concessions have been extended&quot; mean in this context?</p>
</blockquote>
<p>Unless the law at issue gives an explicit definition of the term, in the context of contracts, bankruptcy, etc. &quot;<em>concession</em>&quot; means something a party grants to another.</p>
<p>Since the excerpt is about &quot;<em>meeting financial commitments</em>&quot;, the term &quot;<em>concession</em>&quot; can mean one or more of the following (the list is not exhaustive):</p>
<ul>
<li>a creditor's agreement to be paid a lower amount (and therewith discharge the remainder of the debt);</li>
<li>an extension of the payment deadline;</li>
<li>a waiver of some right(s) in the event of default or for the purpose of averting a default; or</li>
<li>an agreement to be paid in kind rather than with money.</li>
</ul>
<p>The event that a debtor obtains any such concessions qualifies as &quot;<em>distressed restructuring</em>&quot;, thereby triggering the implications pursuant to the statute/regulation/directive you are reading.</p>
