Template:2014 ISDA Credit Derivatives Definitions 1.50

Section 1.50 Payment Timing. Notwithstanding Sections 1.32 (Credit Event Notice) and 1.49 (Provisions Relating to Timing), if a payment is not made by the Reference Entity on its due date or, as the case may be, on the final day of the relevant Grace Period, then such failure to make a payment shall be deemed to have occurred on such day prior to midnight Greenwich Mean Time (or, if the Transaction Type of the Reference Entity relates to Japan, Tokyo time), irrespective of the time zone of its place of payment.