4.4.2 When the Repayment Schedule Date is a Holiday

You have specified that repayment schedules should be generated automatically once you indicate the frequency, number and the date of the first repayment. When the system computes the repayment dates based on these values, there is a chance that one or more schedules fall due on holiday. In such a case, you have two choices:

• Ignore the holiday and retain the scheduled due date or
• Move it either backwards or forward, by specifying so. If you specify that holidays are to be ignored, the scheduled dates will be fixed without taking the holidays into account. In such a case, if a scheduled date falls on a holiday, the processing of such a schedule is determined by your holiday handling specifications for automatic processes, in the Branch Parameters screen.
• If you have specified that processing has to be done on the previous working day for automatic events right up to the day before the next working day the schedule falling on the holiday will be liquidated during end-of-day processing on the previous working day.
• If you have specified that processing has to be done only up to the System Date, then only the events scheduled for the System Date will be processed. The events of the holiday are processed on the next working day during beginning -of-day processing.