Template:Nutshell 2002 ISDA Local Business Day: Difference between revisions

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“'''{{isdaprov|Local Business Day}}'''” means
“'''{{isdaprov|Local Business Day}}'''” means a {{isdaprov|General Business Day}}:
:(a) when [[2(a)(i) - ISDA Provision|performing ones general obligations]], a {{isdaprov|General Business Day}} where specified in the {{isdaprov|Confirmation}} and where any relevant settlement system is operating; <br>
:(a) '''For [[2(a)(i) - ISDA Provision|performing one’s general obligations]]''': where specified in the {{isdaprov|Confirmation}} and where any relevant settlement system is operating; <br>
:(b) to work out when a {{isdaprov|Waiting Period}} expires, a {{isdaprov|General Business Day}} in the place where the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} occurs, <br>
:(b) '''For working out when a {{isdaprov|Waiting Period}} expires''': Where the {{isdaprov|Illegality}} or {{isdaprov|Force Majeure Event}} occurs, <br>
:(c) for any other payment, a {{isdaprov|General Business Day}} where the account is located and, the principal financial centre for the currency of that payment (or where the settlement system necessary to make that payment is located), <br>  
:(c) '''For any other payment''': Where the account is located and, the principal financial centre for the relevant currency; <br>  
:(d) for any communication,  a {{isdaprov|General Business Day}} (or a day that, but for an {{isdaprov|Illegality}} or or {{isdaprov|Force Majeure Event}}, would have been a {{isdaprov|General Business Day}} ) for the recipient and, for a {{isdaprov|Change of Account}}, the place where the new account will be located; and <br>  
:(d) '''For communications''': For the recipient (and, for a {{isdaprov|Change of Account}}, where the new account will be located); and <br>  
:(e) for a {{isdaprov|Default under Specified Transaction}}, a {{isdaprov|General Business Day}} in the relevant locations for performance under the {{isdaprov|Specified Transaction}}. <br>
:(e) '''For a {{isdaprov|Default under Specified Transaction}}''': In the relevant locations for performance under the {{isdaprov|Specified Transaction}}. <br>
''Line breaks added to improve comprehension''<br>

Latest revision as of 14:26, 4 June 2019

“Local Business Day” means a General Business Day:

(a) For performing one’s general obligations: where specified in the Confirmation and where any relevant settlement system is operating;
(b) For working out when a Waiting Period expires: Where the Illegality or Force Majeure Event occurs,
(c) For any other payment: Where the account is located and, the principal financial centre for the relevant currency;
(d) For communications: For the recipient (and, for a Change of Account, where the new account will be located); and
(e) For a Default under Specified Transaction: In the relevant locations for performance under the Specified Transaction.
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