Template:2002 ISDA Equity Derivatives Definitions 1.37

Section 1.37. Settlement Cycle. “Settlement Cycle” means, in respect of an Index or Share, the
period of Clearance System Business Days following a trade in the shares underlying such Index or such
Shares, as the case may be, on the Exchange in which settlement will customarily occur according to the
rules of such Exchange (or, if there are multiple Exchanges in respect of an Index, the longest such
period), and in respect of an Exchange-traded Contract, the period of Exchange Business Days following
a trade in such Exchange-traded Contract on the Exchange in which settlement will customarily occur
according to the rules of such Exchange.