▁day , ▁even ▁if ▁it ▁is ▁a ▁non - bus iness ▁day . ▁Following ▁business ▁day : ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁next ▁business ▁day . ▁Mod ified ▁following ▁business ▁day : ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁next ▁business ▁day , ▁unless ▁doing ▁so ▁would ▁cause ▁the ▁payment ▁to ▁be ▁in ▁the ▁next ▁calendar ▁month , ▁in ▁which ▁case ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁previous ▁business ▁day . ▁Many ▁institutions ▁have ▁month - end ▁account ing ▁procedures ▁that ▁necess itate ▁this . ▁Pre vious ▁business ▁day : ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁previous ▁business ▁day . ▁Mod ified ▁previous ▁business ▁day : ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁previous ▁business ▁day , ▁unless ▁doing ▁so ▁would ▁cause ▁the ▁payment ▁to ▁be ▁in ▁the ▁previous ▁calendar ▁month , ▁in ▁which ▁case ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁next ▁business ▁day . ▁Many ▁institutions ▁have ▁month - end ▁account ing ▁procedures ▁that ▁necess itate ▁this . ▁Mod ified ▁Rol ling ▁business ▁day : ▁the ▁payment ▁date ▁is ▁rolled ▁to ▁the ▁next ▁business ▁day . ▁The ▁adjust ed ▁week ▁date ▁is ▁used ▁for ▁the ▁next ▁cou pon ▁date . ▁So ▁adjust ments ▁are ▁cum ulative ▁( ex cluding ▁month ▁change ). ▁ ▁Date ▁rolling ▁is ▁particularly ▁important ▁for ▁over - the - counter ▁derivatives , ▁whose ▁payment ▁and ▁end ▁dates ▁may ▁potentially ▁fall ▁on ▁any ▁date . ▁For ▁standard ized ▁derivatives , ▁in ▁order ▁to ▁avoid ▁problems ▁with ▁month ▁ends , ▁the ▁payment ▁and ▁term ination