Local Business Day - VM CSA Provision

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2016 ISDA Credit Support Annex (VM) (English law)
A Jolly Contrarian owner’s manual

Paragraph Local Business Day in a Nutshell
Use at your own risk, campers!

Local Business Day” means:

(i) Dematerialised securities: for securities transfers inside a clearance system, a day on which that clearance system executes settlement instructions;
(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 section.

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Paragraph Local Business Day in full

Local Business Day”, unless otherwise specified in Paragraph 11(k), 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 centre, 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 and comparisons

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 1994 New York law CSA
Click here for the text of Section Local Business Day in the 2016 New York law CSA
Click here for the text of Section Local Business Day in the 2018 ISDA Credit Support Deed for IM
Comparisons
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2016 English law VM CSA and 2016 NY Law VM CSA: click for comparison
1995 English Law CSA and 2016 English law VM CSA: click for comparison

Resources and navigation

Resources Full wikitext | Nutshell wikitext
Navigation 1 (Interpretation) | 2 (Credit Support Obligations) | 3 (Transfers, Calculations and Exchanges) | 4 (Dispute Resolution) | 5 (Title Transfer etc) | 6 (Default) | 7 (Representation) | 8 (Expenses) | 9 (Miscellaneous) | 10 (Definitions) | 11 (Elections and Variables)

Index — Click ᐅ to expand:

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Content and comparisons

The many gorgeous, multi-hued variations on the business day can be enjoyed as follows:

Spoiler: the ISDA one is, by far, the best.
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Summary

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General discussion

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See also

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References