1992 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
Resources and navigation
Definition of Local Business Day in a Nutshell™
Use at your own risk, campers!
“Local Business Day
” means a day on which commercial banks are open:
- (a) Transaction payments and deliveries: for any payment or delivery under a Transaction, where specified in the Confirmation,
- (b) Other payments: for any other payment, where the relevant account is located and any principal financial centre of the currency of the payment,
- (c) Communications: for any communication, in the city specified in the recipient’s specified address and, for a Section 2(b) notice, where the new account is to be located, and
- (d) DUST: for a Default Under Specified Transaction, in the locations for performance for the Specified Transaction.
Full text of Definition of Local Business Day
“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.
Related agreements and comparisons
Content and comparisons
Template:M comp disc 1992 ISDA Local Business Day
Template:M summ 1992 ISDA Local Business Day
Template:M sa 1992 ISDA Local Business Day