Template:M comp disc 2021 ISDA Definitions Modified Following

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Compare with Section 4.12(a) of the 2006 ISDA definitions which provided:

If “Modified Following” or “Modified” is specified, that date will be the first following day that is a Business Day unless that day falls in the next calendar month, in which case that date will be the first preceding day that is a Business Day;

Is it different? Not wildly.

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