Template:Nutshell Equity Derivatives 10.3

10.3. “Dividend Period” can be the First Period or the Second Period, and if not otherwise specified, will be the Second Period.

10.3(a) The “First Period” starts on the Clearance System Business Day one Settlement Cycle after the Trade Date and then runs from one Cash Settlement Payment Date or Settlement Date to the next.

10.3(b) The “Second Period” starts on the Trade Date and then runs from one Valuation Date to the next Valuation Date, ending on the final Valuation Date (unless it is a Physically-settled Forward Transaction to which Variable Obligation doesn't apply, in which case it ends one Settlement Cycle before the Settlement Date).