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.

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.

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.

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.

• 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 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.

• 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.”.

• Section 5(a)(i) of the 2002 Master Agreement provides for a termination right if the relevant failure is not remedied on or before the first Local Delivery Day after notice of such failure is given to the relevant 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.

• 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.

• 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.

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.