Template:Nutshell 2002 ISDA Local Business Day

“Local Business Day” means

(a) when performing ones general obligations, a General Business Day where specified in the Confirmation and where any relevant settlement system is operating;

(b) to work out when a Waiting Period expires, a General Business Day in the place where the Illegality or Force Majeure Event occurs,

(c) for any other payment, a 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),

(d) for any communication, a General Business Day (or a day that, but for an Illegality or or Force Majeure Event, would have been a General Business Day ) for the recipient and, for a Change of Account, the place where the new account will be located; and

(e) for a Default under Specified Transaction, a General Business Day in the relevant locations for performance under the Specified Transaction.

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