Template:2014 ISDA Credit Derivatives Definitions 1: Difference between revisions

'''Section {{cddprov|1.49}} Provisions Relating to Timing'''. Subject to Sections {{cddprov|1.38}} (Requirements Regarding Notices) and {{cddprov|1.50}} (Payment Timing), in order to determine the day on which an event occurs for purposes of the Definitions, the demarcation of days shall be made by reference to Greenwich Mean Time (or, if the Transaction Type of the {{cddprov|Reference Entity}} relates to Japan, Tokyo time), irrespective of the time zone in which such event occurred. Any event occurring at midnight shall be deemed to have occurred immediately prior to midnight.<br>

'''Section {{cddprov|1.50}} Payment Timing'''. Notwithstanding Sections {{cddprov|1.32}} ({{cddprov|Credit Event Notice}}) and {{cddprov|1.49}} (Provisions Relating to Timing), if a payment is not made by the {{cddprov|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 {{cddprov|Reference Entity}} relates to Japan, Tokyo time), irrespective of the time zone of its place of payment.<br>