Template:Nutshell 1995 CSA Local Business Day

“Local Business Day” means:

(i) Dematerialised securities: for securities transfers inside a clearance system, a day on which that clearance system executes settlement instructions;

(ii) Cash and other property: for cash and other transfers, a day on which commercial banks are open where the relevant account is located and in the principal financial centre for any relevant currency;

(iii) Valuations: for valuations, a day on which commercial banks are open where the Valuation Agent is located (or other places agreed by the Parties); and

(iv) Notices: for any communication, a day on which commercial banks are open in the place specified for the recipient in the notices section.