Template:Nutshell Equity Derivatives 10.3

10.3. "Dividend Period" can be the First Period or the [[Second Period - Equity Derivatives Provision|Second Period]], and if not otherwise specified, will be the Second Period.

10.3(a) The "First Period" means the period from one Cash Settlement Payment Date or Settlement Date the next starting on the Clearance System Business Day one Settlement Cycle after the Trade Date.

10.3(b) "Second Period" means the period from one Valuation Date to the next Valuation Date starting on the Trade Date and 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 will end one Settlement Cycle before the Settlement Date).