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*'''Demand Date''': On any date, be it a {{csaprov|Local Business Day}} or not, (call it a "'''Demand Date'''", but note it is required by {{csaprov|2(a)}} or {{csaprov|2(b)}} to be made "on or promptly following a {{csaprov|Valuation Date}}"), a party may make a demand for a {{csaprov|Transfer}} under Paragraph {{csaprov|2(a)}} (for a {{csaprov|Delivery Amount}}) or {{csaprov|2(b)}} (for a {{csaprov|Return Amount}}). | *'''Demand Date''': On any date, be it a {{csaprov|Local Business Day}} or not, (call it a "'''Demand Date'''", but note it is required by {{csaprov|2(a)}} or {{csaprov|2(b)}} to be made "on or promptly following a {{csaprov|Valuation Date}}"), a party may make a demand for a {{csaprov|Transfer}} under Paragraph {{csaprov|2(a)}} (for a {{csaprov|Delivery Amount}}) or {{csaprov|2(b)}} (for a {{csaprov|Return Amount}}). | ||
*'''Valuation Time''': Note that the point at which the valuation is made is the Valuation Time, which keys off the Valuation Date (by default the {{1995csa}} has elections for either COB on the {{csaprov|Valuation Date}} or COB on the {{csaprov|Local Business Day}} immediately ''before'' the {{csaprov|Valuation Date}}), and therefore not necessarily the Demand Date | *'''{{csaprov|Valuation Time}}''': Note that the point at which the valuation is made is the Valuation Time, which keys off the Valuation Date (by default the {{1995csa}} has elections for either COB on the {{csaprov|Valuation Date}} or COB on the {{csaprov|Local Business Day}} immediately ''before'' the {{csaprov|Valuation Date}}), and therefore not necessarily the Demand Date. | ||
*'''{{csaprov|Transfer Date}}''': Under Paragraph {{csaprov|3(a)}} ({{csaprov|Transfers}}) if the demand is received ''before'' the {{csaprov|Notification Time}} (by default, 1pm London time on a {{csaprov|Local Business Day}}) on that Demand Date, the transfer will be made not later than close of business on the {{csaprov|Settlement Day}} relating to that Demand Date. If received ''after'' the {{csaprov|Notification Time}} (ie, after 1pm on a {{csaprov|Local Business Day}}, or at any time on a Demand Date that isn’t itself a {{csaprov|Local Business Day}}), the transfer must be made not later than close of business on the {{csaprov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{csaprov|Local Business Day}}) after the Demand Date. | *'''{{csaprov|Transfer Date}}''': Under Paragraph {{csaprov|3(a)}} ({{csaprov|Transfers}}) if the demand is received ''before'' the {{csaprov|Notification Time}} (by default, 1pm London time on a {{csaprov|Local Business Day}}) on that Demand Date, the transfer will be made not later than close of business on the {{csaprov|Settlement Day}} relating to that Demand Date. If received ''after'' the {{csaprov|Notification Time}} (ie, after 1pm on a {{csaprov|Local Business Day}}, or at any time on a Demand Date that isn’t itself a {{csaprov|Local Business Day}}), the transfer must be made not later than close of business on the {{csaprov|Settlement Day}} relating to the day (note: ''ordinary'' day, ''not'' {{csaprov|Local Business Day}}) after the Demand Date. | ||
*'''{{csaprov|Settlement Day}}''': The {{csaprov|Settlement Day}} with respect to ''any'' day (whether or not it is a {{csaprov|Local Business Day}}) is: | *'''{{csaprov|Settlement Day}}''': The {{csaprov|Settlement Day}} with respect to ''any'' day (whether or not it is a {{csaprov|Local Business Day}}) is: | ||
**'''Cash''': for cash, the next {{csaprov|Local Business Day}} and, | **'''Cash''': for cash, the next {{csaprov|Local Business Day}} and, | ||
**'''securities''': for securities, the {{csaprov|Local Business Day}} after the date on which a trade in the relevant security, if effected on the day in question, would have been settled in accordance with customary practice. | **'''securities''': for securities, the {{csaprov|Local Business Day}} after the date on which a trade in the relevant security, if effected on the day in question, would have been settled in accordance with customary practice. | ||
*'''Questions''': What if the day in question isn’t itself a {{csaprov|Local Business Day}}? E.g., what if the {{csaprov|Transfer}} demand is received after the {{csaprov|Notification Time}} on a Friday, meaning the {{csaprov|Settlement Day}} takes place on the date on which a trade, effected on a Saturday, would have been settled in accordance with customary practice? | *'''Questions''': What if the day in question isn’t itself a {{csaprov|Local Business Day}}? E.g., what if the {{csaprov|Transfer}} demand is received after the {{csaprov|Notification Time}} on a Friday, meaning the {{csaprov|Settlement Day}} takes place on the date on which a trade, effected on a Saturday, would have been settled in accordance with customary practice? | ||
**'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | **'''Securities''': For securities this is ok: a trade effected on a non-business day would be deemed to be effected on the next following Local Business Day anyway, so it would pick this up. | ||
**'''Cash''': For cash, not so clear. | **'''Cash''': For cash, not so clear. |