In Greek mythology this refers to the sharpened sword which hung directly above the head of Damocles (A courtier in the court of Dionysius), held in its place only by a single strand of horsehair. The expression "Damocles Sword" is a frequently used allusion to this tale, epitomizing the imminent and ever present peril faced by those in power.
We have a modern version of this in ISB too... Most of our assignments have unearthly deadlines such as midnight, 2 AM etc. We are expected to drop a finished copy of our assignments in a wooden box (very much like a post box) which is usually kept somewhere near the atrium (the centre of the school). This box would make its initial presence somewhere 36 - 48 hrs before the deadline and would dematerialize at the appointed hour. Any assignment which does not find its place in this box by the deadline, is not graded.
These boxes have become very much a part of our lives now-a-days and remind me of the Damocles sword. Their very appearance makes us realize the ever present peril and steals away our little joys...
On my way back to the room, I just spotted another sword... :-(