Template:ISDA English Law Credit Support Annex 2016 Local Business Day: Difference between revisions

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(Created page with "“'''{{csaprov|Local Business Day}}'''”, unless otherwise specified in Paragraph {{csaprov|11(k)}}, means: :(i) in relation to a transfer of cash or other property (other t...")
 
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“'''{{csaprov|Local Business Day}}'''”, unless otherwise specified in Paragraph {{csaprov|11(k)}}, means:
“'''{{vmcsaprov|Local Business Day}}'''”, unless otherwise specified in Paragraph {{vmcsaprov|11(k)}}, means:
:(i) in relation to a transfer of cash or other property (other than securities) 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 where the relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment;
:(i) in relation to a transfer of cash or other property (other than securities) under this {{vmcsaprov|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 {{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 (including dealings in foreign exchange and foreign currency deposits) in the place(s) agreed between the parties for this purpose;
:(ii) in relation to a transfer of securities under this {{vmcsaprov|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 {{csaprov|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 {{csaprov|Valuation Date Location}} for {{isdaprov|Party A}} and at least one Valuation {{csaprov|Date Location}} for {{isdaprov|Party B}}; and
:(iii) in relation to the {{vmcsaprov|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 {{vmcsaprov|Valuation Date Location}} for {{isdaprov|Party A}} and at least one Valuation {{vmcsaprov|Date Location}} for {{isdaprov|Party B}}; and
:(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 {{vmcsaprov|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>

Revision as of 13:09, 2 December 2019

“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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