Template:2014 ISDA Credit Derivatives Definitions 1.53

Section 1.53 Business Day Convention.

(a) “Business Day Convention” means the convention for adjusting any relevant date if it would otherwise fall on a day that is not a Business Day. The following terms, when used in conjunction with the term “Business Day Convention” and a date, shall mean that an adjustment will be made if that date would otherwise fall on a day that is not a Business Day so that:

(i) if “Following” is specified as applicable in the related Confirmation, that date will be the first following day that is a Business Day;

(ii) if “Modified Following” or “Modified” is specified as applicable in the related Confirmation, 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; and

(iii) if “Preceding” is specified as applicable in the related Confirmation, that date will be the first preceding day that is a Business Day.

(b) Subject to Sections 1.14 (Scheduled Termination Date), 1.39 (Credit Event Backstop Date), 2.2(k) (Provisions for Determining a Successor), 3.33(a) (General Terms Relating to Mod R and Mod Mod R) and 12.10 (Effective Date), the Business Day Convention applicable to a date that is specified in the relevant Confirmation to be subject to adjustment in accordance with an applicable Business Day Convention shall be the Business Day Convention specified for that date in that Confirmation or, if a Business Day Convention is not so specified for that date but a Business Day Convention is generally otherwise specified in that Confirmation, the Business Day Convention shall be the Business Day Convention so specified in such Confirmation and, if a Business Day Convention is not specified for that date or generally in that Confirmation, the Following Business Day Convention shall apply to that date.

(c) If the last day of any period calculated by reference to calendar days falls on a day that is not a Business Day, such last day shall be subject to adjustment in accordance with the applicable Business Day Convention; provided that if the last day of any period is the Credit Event Backstop Date or the Successor Backstop Date, such last day shall not be subject to any adjustment in accordance with any Business Day Convention.