Template:2006 ISDA Definitions 1.4: Difference between revisions
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Latest revision as of 11:54, 17 January 2023
Section 1.4. Business Day. “Business Day” means, in respect of any date that is specified in these 2006 Definitions or in a Confirmation to be subject to adjustment in accordance with any applicable Business Day Convention, a day on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange markets and foreign currency deposits) in the place(s) and on the days specified for that purpose in the related Confirmation, a TARGET Settlement Day (if “TARGET” or “TARGET Settlement Day” is specified for that purpose in the related Confirmation), a New York Fed Business Day (if “Federal Reserve”, “New York Fed” or “New York Fed Business Day” is specified for that purpose in the related Confirmation), a NYSE Business Day (if “New York Stock Exchange”, “NYSE”, or “NYSE Business Day” is specified for that purpose in the related Confirmation) and, if place(s) and days, or such terms, are not so specified, a day:
- (a) on which commercial banks and foreign exchange markets settle payments and are open for general business (including dealings in foreign exchange and foreign currency deposits) in the same currency as the payment obligation that is payable on or calculated by reference to that date in:
- (i) The financial center(s) indicated for such currency in Section 1.5 (Financial Centers);
- (ii) The financial center(s) indicated for such currency in Section 1.6 (Certain Business Days) and
- (iii) The principal financial center of such currency, if the currency is other than those currencies specified in Section 1.7 (Currencies); and
- (b) that is a TARGET Settlement Day, if the currency of the payment obligation that is payable on or calculated by reference to that date is the euro; and
- (c) that is a Business Day or TARGET Settlement Day, as the case may be, in respect of each relevant currency, where the payment obligations that are payable on or calculated by reference to that date are denominated in different currencies.