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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.
A business cycle refers to the periodic expansion and contraction a company experiences. While the concept often is used in relation to the larger economy, its phases have applications to each particular business or industry. As generally defined, the business cycle has four components -- contraction, recession, expansion and peak. It takes years for the domestic economy to cycle through all four components, but these components can occur on an annual basis for seasonal businesses.