Template:ISDA English Law Credit Support Annex 1995 Local Business Day

"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.