Modified Following Business Day Convention Clause Samples

The Modified Following Business Day Convention is a contractual provision that determines how payment or performance dates are adjusted when they fall on a non-business day. Under this convention, if a scheduled date lands on a weekend or public holiday, the date is moved to the next business day unless that day falls in the next calendar month, in which case it is moved to the preceding business day. This approach ensures that obligations are met on appropriate business days while preventing unintended shifts into a new month, thereby maintaining clarity and predictability in financial and contractual arrangements.
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Modified Following Business Day Convention. The term "Modified Following Business Day Convention" means the convention for adjusting any relevant date if it would not otherwise fall on a day that is not a Business Day. All dates specified for payments to be made under this Agreement shall be subject to the Modified Following Business Day Convention. The following terms, when used in conjunction with the term "Modified Following 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 the date will be the first following day that is a Business Day; provided that, in connection with determining the last day of an Interest Period for a LIBOR Loan, if the first following day that is a Business Day falls in the next succeeding calendar month, then an adjustment will be made so that the date will be the next preceding Business Day. A "Business Day" means, in respect of any date that is specified in this Agreement to be subject to adjustment in accordance with applicable Business Day Convention, a day on which commercial banks settle payments in New York or, if the payment obligation is calculated with reference to the LIBOR Rate, in London.
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Modified Following Business Day Convention if “Modified Following Business Day Convention” is specified, the date will be the next day that is a Business Day unless it would thereby fall into the next calendar month, in which event such date will be the immediately preceding Business Day in each of the specified Business Day Jurisdictions; or
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Modified Following Business Day Convention. The Modified Following Business Day Convention shall mean 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, "Modified Following 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 the date will be the first following day that is a Business Day.
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Modified Following Business Day Convention. In the event that any payment due date or any other relevant date should fall on a day that is not a Business Day, then an adjustment shall be made so that such date shall be the first following day that is a Business Day.
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Modified Following Business Day Convention. The term “Modified Following Business Day Convention” means the convention for adjusting any relevant date if it would not otherwise fall on a day that is not a Business Day. All dates specified for payments to be made under this Agreement shall be subject to the Modified Following Business Day Convention. The following terms, when used in conjunction with the term “Modified Following 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 the date will be the first following day that is a Business Day. A “Business Day” means, in respect of any date that is specified in this Agreement to be subject to adjustment in accordance with applicable Business Day Convention, a day on which commercial Lenders settle payments in New York City, NY.
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Modified Following Business Day Convention. Payment Business Day means a day (other than a Saturday or a Sunday) which is a Business Day on which commercial banks and foreign exchange markets settle payments and are open for general
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Related to Modified Following Business Day Convention

  • Business Day Convention If the date on which any payment is due to be made under this Agreement shall occur on a day on which is not a Business Day, such payment shall be made in accordance with the Business Day Convention as specified in the Notes or the Indenture.

  • Day count convention Any interest, commission or fee accruing under a Finance Document will accrue from day to day and is calculated on the basis of the actual number of days elapsed and a year of 360 days or, in any case where the practice in the Relevant Interbank Market differs, in accordance with that market practice.

  • Definition of Business Day For purposes of this Agreement, “Business Day” means any day on which the Nasdaq Global Select Market is open for trading.

  • Definition of Regular Straight Time Rate of Pay The regular straight time rate of pay is that prescribed in wage schedule of the Collective Agreement.

  • Holiday Falling on a Scheduled Workday An Employee who works on a designated holiday which is a scheduled workday shall be compensated at the rate of double time for hours worked, plus a day off in lieu of the holiday; except for Christmas and New Year's when the compensation shall be at the rate of double time and one-half (2½) for hours worked, plus a day off subject to this Agreement.