Template:2014 ISDA Credit Derivatives Definitions 1.51

Section 1.51 Business Day. “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 TARGET Settlement Day (if “TARGET” or “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 Floating Rate Payer Calculation Amount is denominated in the euro, a 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 Floating Rate Payer Calculation Amount.