Template:Nutshell 2016 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) 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.