Examples of Local Business Day in a sentence
The Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) of its calculations not later than the Notification Time on the Local Business Day following the applicable Valuation Date (or, in the case of Paragraph 4(a), following the date of calculation).
The provisions of Paragraph 4 will apply, except that, pending the resolution of a dispute, transfer of the undisputed Value of Eligible Credit Support or Credit Support Balance involved in the relevant demand will be due as provided in Paragraph 4 if the demand is made at or before the Notification Time but will be due on the second Local Business Day after the demand if the demand is made after the Notification Time.
Following a recalculation pursuant to this Paragraph, the Valuation Agent will notify each party (or the other party, if the Valuation Agent is a party) as soon as possible but in any event not later than the Notification Time on the Local Business Day following the Resolution Time.
For the purposes of this subclause 7.2, Local Business Day means a day on which commercial banks and foreign exchange markets settle payments and are open for general business in the location upon which the receipt of the relevant communication takes place.
However, if a communication is received after 5.00 p.m. on a Local Business Day or on a non-Local Business Day, it shall be deemed to take effect at the opening of business (10.00 a.m.) on the next following Local Business Day.