Template:ISDA Master Agreement 2002 Local Business Day: Difference between revisions

“{{isdaprov|{{isdaprov|Local Business Day}}}}” means (a) in relation to any obligation under Section {{isdaprov|2(a)(i)}}, a {{isdaprov|General Business Day}} in the <br>place or places specified in the relevant {{isdaprov|Confirmation}} and a day on which a relevant settlement system is open or <br>operating as specified in the relevant {{isdaprov|Confirmation}} or, if a place or a settlement system is not so specified, as <br>otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by <br>reference, in this {{isdaprov|Agreement}}, (b) for the purpose of determining when a {{isdaprov|Waiting Period}} expires, a {{isdaprov|General Business <br>Day}} in the place where the event or circumstance that constitutes or gives rise to the Illegality or Force Majeure <br>Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the <br>relevant account is located and, if different, in the principal financial centre, if any, of the currency of such payment <br>and, if that currency does not have a single recognised principal financial centre, a day on which the settlement <br>system necessary to accomplish such payment is open, (d) in relation to any notice or other communication, including <br>notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General <br>Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, <br>delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in <br>the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by <br>Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a <br>General Business Day in the relevant locations for performance with respect to such Specified <br>Transaction.