TARGET2 System definition

Examples of TARGET2 System in a sentence

• For these purposes, business day means, in respect of any place of presentation, any day on which banks are open for presentation and payment of bearer debt securities and for dealings in foreign currencies in such place of presentation and, in the case of payment by transfer to a euro account, on which the Trans-European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System, or any successor system thereof, is operating.

• Amounts payable in Euro will be made by way of the Trans- European Automated Real-Time Gross Settlement Express Transfer (TARGET2) System.

• For the purposes of this subclause, Business Day means a day on which the TARGET2 System is open and commercial banks and foreign exchange markets settle payments and are open for general business in the Kingdom of Norway and Luxembourg.

• As used herein, the term “business day” shall mean any day, other than (i) a Saturday or Sunday, (ii) a day on which banking institutions in New York, New York or London, England are authorized by law, regulation or executive order to close or (iii) a day on which the Trans-European Automated Real-time Gross Settlement Express Transfer (TARGET2) System, or any successor thereto, is not operating credit or transfer instructions in respect of payments in euro.

• The Issuer, failing which, the Guarantors shall make the necessary arrangements to give instructions prior to each date on which any payment in respect of the Notes becomes due, in order to transfer by TARGET2 System prior to noon (Luxembourg time) on each date on which any payment in respect of the Notes becomes due to the Fiscal Agent such amount as may be required for the purposes of such payment.