Template:Nutshell 2006 ISDA Definitions Business Day Convention

Section 4.12. Business Day Convention.

(a)“Business Day Convention” means one of the following conventions for adjusting dates that would otherwise fall on non-Business Days.

(i) “Following”: the following Business Day;

(ii) “Modified Following” or “Modified”: the following Business Day, unless it would fall in the next calendar month, in which case the most recent preceding Business Day; and

(iii) “Preceding”: the most recent preceding Business Day;

(b) if no Business Day Convention is specified for that date but one is specified for a Swap Transaction, that Business Day Convention will apply.