Template:ISDA English Law Credit Support Annex 1995 Settlement Day

"Settlement Day" means, in relation to a date, (i) with respect to a transfer of cash or other property (other
than securities), the next Local Business Day and (ii) with respect to a transfer of securities, the first Local
Business Day after such date on which settlement of a trade in the relevant securities, if effected on such
date, would have been settled in accordance with customary practice when settling through the clearance
system agreed between the parties for delivery of such securities or, otherwise, on the market in which such
securities are principally traded (or, in either case, if there is no such customary practice, on the first Local
Business Day after such date on which it is reasonably practicable to deliver such securities).