Common use of Modified Following Business Day Convention Clause in Contracts

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.