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Definition and Interpretation. Business Day means a day other than a Saturday, Sunday or statutory holiday on which the banks in New York, New York and Monaco are required to close. (...) For the purpose of this paragraph, Business Day shall means a day on which banks in Toronto Canada are open for business.
As the Holiday Schedule states, banks do observe and recognize Labor Day as a holiday and will be closed. Smaller institutions are typically closed on Labor Day. The bigger banks such as Chase, Bank of America, CitiBank, and others are sometimes open on holidays such as this, but not Labor Day.