Template:ISDA English Law Credit Support Annex 1995 Local Business Day: Difference between revisions
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“'''{{csaprov|Local Business Day}}'''”, [[unless otherwise specified in]] Paragraph {{csaprov|11(h)}}, 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; <br> | :(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; <br> | ||
:(ii) in relation to a transfer of securities under this {{csaprov|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 day|business]] (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; <br> | :(ii) in relation to a transfer of securities under this {{csaprov|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 day|business]] (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose; <br> | ||
:(iii) in relation to a valuation under this {{csaprov|Annex}}, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place of location of the {{csaprov|Valuation Agent}} and in the place(s) agreed between the parties for this purpose; and <br> | :(iii) in relation to a valuation under this {{csaprov|Annex}}, a day on which commercial banks are open for business (including dealings in foreign exchange and foreign currency deposits) in the place of location of the {{csaprov|Valuation Agent}} and in the place(s) agreed between the parties for this purpose; and <br> | ||
:(iv) in relation to any notice or other communication under this {{csaprov|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. <br> | :(iv) in relation to any notice or other communication under this {{csaprov|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. <br> | ||
Latest revision as of 17:56, 9 January 2020
“Local Business Day”, unless otherwise specified in Paragraph 11(h), 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 a valuation 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 of location of the Valuation Agent and in the place(s) agreed between the parties for this purpose; 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.