Business Day - Pledge GMSLA Provision

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2018 Global Master Securities Lending Agreement (Pledge Version)
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GMSLA

Definition Business Day in a Nutshell
Use at your own risk, campers!

Business Day means a weekday on which banks and markets are generally open:

(a) For Delivery: where the Securities are to be delivered;
(b) For payments: in the principal financial centre for the relevant currency and where any relevant account designated in the Agreement is situated (or for euro, a day when TARGET operates);
(c) For notices: where the notice is due to be delivered (per Schedule paragraph 3); and
(d) Any other case: in each place stated in Schedule paragraph 6;

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Full text of Definition Business Day

Business Day means:

(a) in relation to Delivery of any Securities, a day other than a Saturday or a Sunday on which banks and Securities markets are open for business generally in the place(s) where the relevant Securities are to be delivered;
(b) in relation to any payments under this Agreement, a day other than a Saturday or a Sunday on which banks are open for business generally in the principal financial centre of the country of which the currency in which the payment is denominated is the official currency and, if different, in the place where any account designated by the Parties for the making or receipt of the payment is situated (or, in the case of a payment in euro, a day on which TARGET operates);
(c) in relation to a notice or other communication served under this Agreement, any day other than a Saturday or a Sunday on which banks are open for business generally in the place designated for Delivery in accordance with paragraph 4 of the Schedule; and
(d) in relation to paragraph 5.4(a) and in any other case, a day other than a Saturday or a Sunday on which banks are open for business generally in each place stated in paragraph 4 of the Schedule;

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Related agreements and comparisons

Related agreements: Click here for the same clause in the 2010 GMSLA
Comparison: Click to compare the 2010 GMSLA and 2018 Pledge GMSLA versions of this clause.

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Content and comparisons

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Summary

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General discussion

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See also

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References