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

'''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>

'''Section {{cddprov|1.51}} {{cddprov|Business Day}}'''. “'''{{cddprov|Business Day}}'''” means (a)(i) a day on which commercial banks and foreign exchange markets are generally open to settle payments in the place or places and on the days specified for that purpose in the relevant Confirmation, and/or (ii) a {{cddprov|TARGET Settlement Day}} (if “'''{{cddprov|TARGET}}'''” or “'''{{cddprov|TARGET Settlement Day}}'''” is specified in the related Confirmation), or (b) if a place or places or such terms are not so specified, (i) if the {{cddprov|Floating Rate Payer Calculation Amount}} is denominated in the euro, a {{cddprov|TARGET Settlement Day}}, or (ii) otherwise, a day on which commercial banks and foreign exchange markets are generally open to settle payments in the principal financial city in the jurisdiction of the currency of denomination of the {{cddprov|Floating Rate Payer Calculation Amount}}.<br>