Local Business Day - NY VM CSA Provision

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2016 ISDA VM NY CSA Anatomy


In a Nutshell Section Local Business Day:

Local Business Day” means:

(i) Dematerialised securities: for transfers of dematerialised securities, a day on which the relevant clearance system settles transactions;
(ii) Cash and other property: for cash and other transfers, a day on which commercial banks are open where the relevant account is located and in the principal financial centre for any relevant currency;
(iii) Resolution Time: for a Resolution Time, a day on which commercial banks are open in at least one Valuation Date Location for each Party; and
(iv) Notices: for any communication, a day on which commercial banks are open in the place specified for the recipient in the notices secti

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2016 ISDA VM NY CSA full text of Section Local Business Day:

Local Business Day”, unless otherwise specified in Paragraph 13, means:

(i) in relation to a Transfer of Cash or other property (other than securities) under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place where the relevant account is located and, if different, in the principal financial center, if any, of the currency of such payment;
(ii) in relation to a Transfer of securities under this Annex, a day on which the clearance system agreed between the parties for delivery of the securities is open for the acceptance and execution of settlement instructions or, if delivery of the securities is contemplated by other means, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose;
(iii) in relation to the Resolution Time, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in at least one Valuation Date Location for Party A and at least one Valuation Date Location for Party B; and
(iv) in relation to any notice or other communication under this Annex, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place specified in the address for notice most recently provided by the recipient.

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Related Agreements
Click here for the text of Section Local Business Day in the 1995 English Law CSA
Click here for the text of Section Local Business Day in the 2016 English Law VM CSA
Click here for the text of the equivalent, Section Local Business Day in the 2016 NY Law VM CSA
Comparisons
1995 English Law CSA and 2016 English law VM CSA: click for comparison
2016 English law VM CSA and 2016 NY Law VM CSA: click for comparison

Resources Full wikitext | Nutshell wikitext
Navigation 1 (Interpretation) | 2 (Security Interest) | 3 (Credit Support Obligations) | 4 ( Conditions Precedent, Transfer Timing, Calculations and Substitutions) | 5 (Dispute Resolution) | 6 (Holding and Using Posted Collateral (VM)) | 7 (Events of Default) | 8 (Certain Rights and Remedies) | 9 (Representations) | 10 (Expenses) | 11 (Miscellaneous) | 12 (Definitions) | 13 (Elections and Variables)

Index — Click ᐅ to expand:

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A definition that has changed but imperceptibly over the twenty five years since the 1995 English Law CSA as the handy comparisons in the panel should illustrate.