4.5.2 Specifying Holiday Handling Preferences for Schedules

Schedule dates for a contract could fall on holidays defined for your branch or on holidays defined for the currency of the contract. The holiday handling preferences are defined as part of maintaining preferences for a facility product. These specifications default to any borrower facility contract using the product, and also to underlying borrower tranche or drawdown contracts that are opened under the facility contract.

You can make changes to the specifications defaulted from the borrower facility product.

Table 4-5 Holiday Handling Preferences for Schedules

Fields	Description
Ignore Holidays	You have to check this option to instruct the system to ignore the holiday. Payment schedules are processed as per the due date even if the schedule falls due on a holiday.
Include Branch Holiday	If you select this option, the system considers the branch holidays also for handling schedule dates falling due on holidays.
Move Backward or Forward	You can indicate whether the schedule date falling on a holiday must be moved forward to the next working day, or backward to the previous working day.
Move Across Months	If you have indicated either Forward or Backward movement of a schedule date falling due on a holiday, and the moved schedule date crosses over into a different month, you can indicate whether such movement is allowable; it is allowable only if you select this option.
Cascade Schedules	If one schedule has been moved backward or forward in view of a holiday, cascading schedules would mean that the other schedules are accordingly shifted. If you do not want to cascade schedules, then only the schedule falling on a holiday is shifted, as specified. The other schedules remain unaltered.
Use Facility Currency	If you choose this option, the system checks whether the schedule date falls on a holiday defined for the currency of the facility (borrower) contract. This is applicable if the currency is different from the holiday currency you specify.
Use Local Currency	If you choose this option, the system check whether the schedule date falls on a holiday defined for the local currency, provided this currency is different from the holiday currency and facility currency you have indicated.
Holiday Ccy	By default, the system checks the holiday calendar maintained for the facility currency before arriving at the schedule due date. However, if required, you can include another currency for a similar check. If you specify another currency, the system checks the holiday calendar for both the facility currency as well as the currency you select here. The system checks the holiday table for the currencies you have specified. If it encounters a contract using any of the specified currencies, with a schedule date falling on a holiday for any of the currencies, the holiday is handled according to the holiday-handling preferences you specify.
Apply Financial Centre Holiday Treatment	This check box allows you to enable financial centre holiday treatment and add the financial centres for the holiday treatment. For more information about maintaining financial centre for holiday treatment refer to Products User Manual.
Specifying Holiday Handling Preferences for Maturity Date	Just as you maintain holiday handling preferences for schedules of the facility contract, so also you should maintain the preferences for handling maturity dates falling due on holidays. The preferences available are similar to the ones available for the schedules.
Specifying Status Control	For a new contract, the default status is NORM (Normal). It may be required that you change the default status of a contract. To change the status, select the appropriate status from option list provided. The statuses defined for the facility product through the Status Maintenance screen will be available in this list

For details on the Status Maintenance screen, refer the heading Maintaining statuses for a syndication product in the Reference Information for Loan Syndication chapter of this User Manual.