GR Time priority versus Planning calendar during MRP

Hi Experts,

I have one small query related to GR time during MRP.

If I maintain GR time as 5 days in MM. And also maintain the planning calendar with Wednesday with do not displace radio button.

Now if my demand date of schedule line in sales scheduling agreement is 31.08.2015 (Monday) then what would be my delivery date in MD04 and what date would go to suppliers? Will MRP reads first GR time and then planning calendar OR it is Vice Versa? I do not displace the week day for supplier delivery date from Wednesday.

Material details:

MRP type: PD

Lot size : PK

Planning calendar: Wednesday with do not displace radio button.