Template:Nutshell 2002 ISDA Local Business Day

“Local Business Day” means a General Business Day:

(a) For performing one’s general obligations: where specified in the Confirmation and where any relevant settlement system is operating;

(b) For working out when a Waiting Period expires: Where the Illegality or Force Majeure Event occurs,

(c) For any other payment: Where the account is located and, the principal financial centre for the relevant currency;

(d) For communications: For the recipient (and, for a Change of Account, where the new account will be located); and

(e) For a Default under Specified Transaction: In the relevant locations for performance under the Specified Transaction.