Template:Nutshell 2016 CSA Local Business Day

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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) Resolution Time: for a Resolution Time, a day on which commercial banks are open in at least one Valuation Date Location for each Party; 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.