1992 ISDA Master Agreement
A Jolly Contrarian owner’s manual
Definition of Local Business Day in a Nutshell™
Use at your own risk, campers!
Definition of Local Business Day in full
“Local Business Day” means, subject to the Schedule, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits):
- (a) in relation to any obligation under Section 2(a)(i), in the place(s) specified in the relevant Confirmation or, if not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement,
- (b) in relation to any other payment, in the place where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment,
- (c) in relation to any notice or other communication, including notice contemplated under Section 5(a)(i), in the city specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and
- (d) in relation to Section 5(a)(v)(2), in the relevant locations for performance with respect to such Specified Transaction.
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