Local Delivery Day - ISDA Provision: Difference between revisions
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Revision as of 16:45, 13 September 2024
2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™ Go premium
Crosscheck: Local Delivery Day in a Nutshell™
Original text
See ISDA Comparison for a comparison between the 1992 ISDA and the 2002 ISDA.
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Comparisons
There is no “Local Delivery Day” concept in the 1992 ISDA. Of its two appearances in the 2002 ISDA one — in Failure to Pay or Deliver — is ably handled by Local Business Day, and the other in deferral following a Waiting Period — doesn’t exist, being part of the Illegality/Force Majeure innovation complex from the 2002.
Basics
What is the difference between a “Local Business Day” and a “Local Delivery Day”?
Local Business Day is a lot more fiddly, and context dependent, for one thing. As per our nutshell summary, what counts as a Local Business Day depends on who is asking: for performing general obligations it looks to the Transaction Confirmation; for Waiting Periods it depends where the triggering event occurs, for payments it depends where the account is located, for communications it depends on the location of the recipient.
A Local Delivery Day — which comes up only in when considering whether one has failed to deliver a non-cash security of some kind (Section 5(a)(i)) or, even though ostensibly having failed to dliver it, you haven’t yet technically failed to deliver it, on account of an intervening Illegality or Force Majeure which has triggered a Waiting Period before that failure to deliver becomes an official Failure to Pay or Deliver.
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See also
The many gorgeous, multi-hued variations on the business day can be enjoyed as follows:
- Business day - a general, cynical review;
- Business Day - GMSLA Provision
ISDA extended universe
- Local Business Day
- General Business Day (2002 only)
- Local Delivery Day (2002 only)
- Local Delivery Day (and its friends and relations)
References
2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™
Local Delivery Day in all its glory
Related agreements and comparisons
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Overview
Summary
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- The JC’s famous Nutshell™ summary of this clause
See also