Variable Time Schedule

Debt instruments can have variable time schedule, based on different contract terms, such as covenants, etc.

Variable Time Events

The time events MAY be updated with the OPTIONAL update_time_events method.

The updated time events MUST NOT modify past events.

A reference implementation SHOULD restrict the time events updatability.

📎 EXAMPLE

Let's have a D-ASA with a maturity date and 4 coupons, defined by time events. The 2nd coupon is due.

The updated time events can no longer modify:

• the primary distribution opening date;
• the primary distribution closure date;
• the issuance date;
• the 1st and 2nd coupon due dates.

The updated time events can still modify:

• the 3rd and 4th coupon due dates;
• the maturity date.

Variable Time Periods

The time periods MAY be updated with the OPTIONAL update_time_periods method.

The updated time periods MUST preserve chronological consistency with respect to the time events.

A reference implementation SHOULD restrict the time periods updatability.

📎 EXAMPLE

Let's have a D-ASA with an issuance date and a maturity date, defined as time events, and 4 coupons whose periods are defined by time periods.

The sum of the 4 updated coupon time period durations must be smaller than the time period between the issuance date and the maturity date.