Modified Following - ISDA Definition

2021 ISDA Interest Rate Derivatives Definitions

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Modified Following Business Day Convention in a Nutshell™

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Modified Following Business Day Convention in all its glory

“Modified Following Business Day Convention” or “Modified Following”, when used in conjunction with a date, means that, if that date would otherwise fall on a day that is not a Business Day, subject to Section 2.3.6 (Consequences of an Unscheduled Holiday), it will instead fall on the first following day that is a Business Day unless this would be in the next calendar month, in which case the date will fall on the first preceding day that is a Business Day. edit