Local Delivery Day definition

Local Delivery Day means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery.
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Local Delivery Day means (a) in relation to any obligation under Section 2(a)(i), a General Business Day in the place or places specified in the relevant Confirmation and a day on which a relevant settlement system is open or operating as specified in the relevant Confirmation or, if a place or a settlement system is not so specified, as otherwise agreed by the parties in writing or determined pursuant to provisions contained, or incorporated by reference, in this Agreement, (b) for the purpose of determining when a Waiting Period expires, a General Business Day in the place where the event or circumstance that constitutes or gives rise to the illegality or Force Majeure Event, as the case may be, occurs, (c) in relation to any other payment, a General Business Day in the place where the relevant account is located and, if different in the principal financial centre, if any, of the currency of such payment and, if that currency does not have a single recognized principal financial centre, a day on which the settlement system necessary to accomplish such payment is open, (d) in relation to any notice or other communication including notice contemplated under Section 5(a)(i), a General Business Day (or a day that would have been a General Business Day but for the occurrence of an event or circumstance which would, if it occurred with respect to payment, delivery or compliance related to a Transaction, constitute or give rise to an Illegality or a Force Majeure Event) in the place specified in the address for notice provided by the recipient and, in the case of a notice contemplated by Section 2(b), in the place where the relevant new account is to be located and (e) in relation to Section 5(a)(v)(2), a General Business Day in the relevant locations for performance with respect to such Specified Transaction.
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Local Delivery Day means, for purposes of Section 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery.
Sample 1

Examples of Local Delivery Day in a sentence

  • Section 5(a)(i) does not apply to Party B in the case of a failure to pay or deliver caused by the assets then available to Party B being insufficient to make the related payment or delivery in full on the relevant payment or delivery date or the first Local Business Day or Local Delivery Day, as the case may be, after notice of such failure is given to Party B.

  • Section 5(a)(i) does not apply to Party B in the case of a failure to pay or deliver caused by the assets then available to Party B being insufficient to make the related payment or delivery in full on the relevant payment or delivery date or the first Business Day or Local Delivery Day, as the case may be, after notice of such failure is given to Party B.

  • With respect to all Gas Transactions, the words “or delivery under Section 2(a)(i) or 2(e)” in the second line of Section 5(a)(i) of this Agreement and, if the pre-printed form portion of this Agreement is the 2002 ISDA Master Agreement form, the words “or the first Local Delivery Day in the case of any such delivery” and “, in each case,” in the third and fourth lines of Section 5(a)(i) of this Agreement, are hereby deleted.

  • In Section 5(a)(i) of the Master Agreement the phrase “if such failure is not remedied on or before the first Local Business Day in the case of such payment or the second Local Delivery Day in the case of any such delivery,” will be replaced by the phrase “if such failure is not remedied on or before the third Local Business Day, in the case of a failure to make payment, or the third Local Delivery Day in the case of any failure to deliver.”.

  • With respect to all Gas Transactions, the words “or delivery” in the second line of Section 5(a)(i) of this Agreement [and, if the pre-printed form portion of this Agreement is the 2002 ISDA Master Agreement form, the words “or the first Local Delivery Day in the case of any such delivery” and “, in each case,” in the third and fourth lines of Section 5(a)(i) of this Agreement]1, are hereby deleted.

  • With respect to all Gas Transactions, the words “or delivery” in the second line of Section 5(a)(i) of this Agreement [and the words “or the first Local Delivery Day in the case of any such delivery” and “, in each case,” in the third and fourth lines of Section 5(a)(i) of this Agreement]1 are hereby deleted.

  • With respect to all Gas Transactions, the words “or delivery under Section 2(a)(i) or 2(e)” in the second line of Section 5(a)(i) of this Agreement [and, if the pre-printed form portion of this Agreement is the 2002 ISDA Master Agreement form, the words “or the first Local Delivery Day in the case of any such delivery” and “, in each case,” in the third and fourth lines of Section 5(a)(i) of this Agreement]1, are hereby deleted.

  • Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h)(i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party.

  • Failure by the party to make, when due, any payment under this Agreement or delivery under Section 2(a)(i) or 9(h) (i)(2) or (4) required to be made by it if such failure is not remedied on or before the first Local Business Day in the case of any such payment or the first Local Delivery Day in the case of any such delivery after, in each case, notice of such failure is given to the party; (ii) Breach of Agreement; Repudiation of Agreement.


More Definitions of Local Delivery Day

Local Delivery Day means, for purposes of Sections 5(a)(i) and 5(d), a day on which settlement systems necessary to accomplish the relevant delivery are generally open for business so that the delivery is capable of being accomplished in accordance with customary market practice, in the place specified in the relevant Confirmation or, if not so specified, in a location as determined in accordance with customary market practice for the relevant delivery. Relevance: A grace period of one Local Business Day (or Local Delivery Day as applicable) is deemed to be included for the purposes of determining whether or not a Failure to Pay or Deliver or a Default under Specified Transaction has occurred under Section 5. A Waiting Period of three Local Business Days applies in respect of Illegality and a Waiting Period of eight Local Business Days applies in respect of a Force Majeure Event. Payments and deliveries are deferred until the first Local Business Day (or Local Delivery Day as applicable) after the expiry of the relevant Waiting Period in respect of a continuing Illegality or Force Majeure Event. A grace period of two Local Business Days is given to parties required to pay termination amounts due to the occurrence of a Termination Event under Section 6(d)(ii). A notice (including a notice designating an Early Termination Date) is required to be delivered on a Local Business Day under Section 12.
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Related to Local Delivery Day

  • Delivery Day means a day other than a Saturday, a Sunday or any other day on which national banking associations are authorized to be closed. Any party may change its address for purposes of the receipt of notices and demands by giving notice of the change in the manner provided in this provision.

  • Final delivery certificate means the document issued by the COE confirming that all the known defects have been rectified and that the works, goods or services appear in good order and have been accepted;

  • Locational Deliverability Area or “LDA” shall mean a geographic area within the PJM Region that has limited transmission capability to import capacity to satisfy such area’s reliability requirement, as determined by the Office of the Interconnection in connection with preparation of the Regional Transmission Expansion Plan, and as specified in Reliability Assurance Agreement, Schedule 10.1.

  • First Delivery Date means the first date by which the commodity for a Futures Contract can be delivered in order for the terms of the Futures Contract to be fulfilled.

  • Delivery Date means the date(s) and/or times/timescales for delivery of the Goods and/or performance of the Services set out in the Order or as agreed in writing by the parties.

  • Delivery Year means the Planning Period for which a Capacity Resource is committed pursuant to the auction procedures specified in Tariff, Attachment DD, or pursuant to an FRR Capacity Plan under Reliability Assurance Agreement, Schedule 8.

  • Locational Deliverability Area Reliability Requirement means the projected internal capacity in the Locational Deliverability Area plus the Capacity Emergency Transfer Objective for the Delivery Year, as determined by the Office of the Interconnection in connection with preparation of the Regional Transmission Expansion Plan, less the minimum internal resources required for all FRR Entities in such Locational Deliverability Area.

  • Delivery Month means each month specified as such by the Exchange pursuant to

  • Delivery sale means any sale of a vapor product to a

  • Dispatch means the act of reducing all or a portion of the electrical consumption of the PDR pursuant to a Dispatch Instruction.

  • RFR Business Day means as applicable, for any Obligations, interest, fees, commissions or other amounts denominated in, or calculated with respect to (i) Sterling, a day on which banks are open for general business in London and (ii) Euro, a TARGET Day.

  • SOFR Business Day means any day except for (i) a Saturday, (ii) a Sunday or (iii) a day on which the Securities Industry and Financial Markets Association recommends that the fixed income departments of its members be closed for the entire day for purposes of trading in United States government securities.

  • Closing Day means (a) the Restatement Date and (b) with respect to any Accepted Note, the Business Day specified for the closing of the purchase and sale of such Accepted Note in the Confirmation of Acceptance for such Accepted Note, provided that (i) if the Company and the Purchaser which is obligated to purchase such Accepted Note agree on an earlier Business Day for such closing, the “Closing Day” for such Accepted Note shall be such earlier Business Day, and (ii) if the closing of the purchase and sale of such Accepted Note is rescheduled pursuant to Section 3.2, the Closing Day for such Accepted Note, for all purposes of this Agreement except references to “original Closing Day” in Section 2.7(b), shall mean the Rescheduled Closing Day with respect to such Accepted Note.