Local Business Day - NY VM CSA Provision

2016 NY VM CSA Anatomy™ →Go uptown 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 view template 2016 NY VM 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. view template 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 CSA and 2016 VM CSA: click for comparison 2016 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: 2016 NY VM CSA Tell me more Sign up for our newsletter — or just get in touch: for ½ a weekly 🍺 you get to consult JC. Ask about it here.

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