Local Business Day - ISDA Provision
2002 ISDA Master Agreement A Jolly Contrarian owner’s manual™ Local Business Day in all its glory
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Overview
The keen will have noticed that “Local Business Day” under an English law CSA is defined quite separately from “Local Business Day” as it is defined under the ISDA Master Agreement itself, whereas a Local Business Day under a New York law CSA, while separately defining the term, only goes on to defer to the original definition of LBD in the ISDA Master Agreement, pausing only to clarify that references to “payment” in the ISDA Master Agreement definiton are deemed to include Transfers under the CSA.
Why ISDA’s British crack drafting squad™ couldn’t have done this too, we can only wonder.
Summary
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- The JC’s famous Nutshell™ summary of this clause
- The wisdom of burying an agreement to agree into a fundamental operating provision
- How business days work for demands under a CSA
See also
The many gorgeous, multi-hued variations on the business day can be enjoyed as follows:
- Business day - a general, cynical review;
- Business Day - GMSLA Provision