Template:2021 ISDA Interest Rate Derivatives Definitions Modified Following

“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.