Definitions
Business Day Convention: A procedure used for adjusting payment
dates in response to days that are not TARGET Business Days.
Examples
of Business Day Conventions are Following, Modified Following and Preceding.
In
the case of EUR only, maturity dates will be based on days in which the TARGET
system is open.
TARGET
Business Day A day (other than a Saturday or a
Sunday) on which the Clearing System and the Trans-European Automated Real-Time
Gross Settlement Express Transfer System (TARGET) are open
Following: A Business Day
Convention whereby payment days that fall on a
Modified
Following: A
Business Day Convention whereby payment days that fall on a Holiday or Saturday
or a Sunday roll forward to the next TARGET Business Day,
unless that day falls in the next calendar month, in which case the payment day
rolls backward to the immediately preceding TARGET Business Day.
Preceding: A Business Day
Convention whereby payment days that fall on a
Unadjusted: The Status of a
given date and