Template:2002 ISDA Equity Derivatives Definitions 10.3(b)

10.3(b) Second Period. "Second Period" means each period from, but excluding, one Valuation
Date to, and including, the next Valuation Date, except that (i) the initial Dividend Period will commence
on, but exclude, the Trade Date and (ii) the final Dividend Period will end on, and include, the final
Valuation Date or, in respect of a Physically-settled Forward Transaction to which Variable Obligation is
not applicable, the date that is one Settlement Cycle prior to the Settlement Date.