Template:Nutshell 1992 ISDA Local Business Day: Difference between revisions

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“'''{{isda92prov|Local Business Day}}'''” means, subject to the {{isda92prov|Schedule}}, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits):
“'''{{isda92prov|Local Business Day}}'''” means a day on which commercial banks are open:
:(a) in relation to any obligation under Section {{isda92prov|2(a)(i)}}, in the place(s) specified in the relevant {{isda92prov|Confirmation}} or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this {{isda92prov|Agreement}},  
:(a) '''Transaction payments and deliveries''': for any payment or delivery under a {{isda92prov|Transaction}}, where specified in the {{isda92prov|Confirmation}},  
:(b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment,  
:(b) '''Other payments''': for any other payment, where the relevant account is located and any principal financial centre of the currency of the payment,  
:(c) in relation to any notice or other communication, including notice contemplated under Section {{isda92prov|5(a)(i)}}, in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated  by Section {{isda92prov|2(b)}}, in the place where the relevant new account is to be located and  
:(c) '''Communications''': for any communication, in the city specified in the recipient’s specified address and, for a Section {{isda92prov|2(b)}} notice, where the new account is to be located, and  
:(d) in relation to  Section {{isda92prov|5(a)(v)(2)}}, in the relevant locations for performance with respect to such {{isda92prov|Specified Transaction}}. <br>
:(d) '''DUST''': for a {{isda92prov|Default Under Specified Transaction}}, in the locations for performance for the {{isda92prov|Specified Transaction}}. <br>

Latest revision as of 11:39, 18 August 2022

“Local Business Day” means a day on which commercial banks are open:

(a) Transaction payments and deliveries: for any payment or delivery under a Transaction, where specified in the Confirmation,
(b) Other payments: for any other payment, where the relevant account is located and any principal financial centre of the currency of the payment,
(c) Communications: for any communication, in the city specified in the recipient’s specified address and, for a Section 2(b) notice, where the new account is to be located, and
(d) DUST: for a Default Under Specified Transaction, in the locations for performance for the Specified Transaction.
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