Example

A monthly schedule has been defined with backward movement and a schedule date falling due on 30 April 1998 was moved to 29 April 1998, 30 April 1998 being a holiday.

The schedule date for May depends on whether you have chosen to cascade schedules. If you have, the schedule date for May is set as 29 May 1998, as the frequency has been specified as monthly. For subsequent schedules also, 29 May 1998 is considered the last schedule date. That is, the next schedule is 29 June, the following one 29 July, and so on, until another holiday is encountered.

If you have not specified that schedules have to be cascaded, the date originally specified, is the date for drawing up the schedules. Even if the April month end schedule has been moved to 29 April 1998, the next schedule remains 30 May 1998. The following one is 30 June, and so on.

Even if another holiday is encountered, and the schedule date for that particular schedule is moved suitably, 30 remains the date for the following schedule, whenever it falls.

When you cascade schedules, the last schedule (at maturity), however, is liquidated on the original maturity date and is not changed like the interim schedules. Hence, for this particular schedule, the interest calculation days may vary from those of previous schedules, as the case may be.