Regular Schedule

Definition

Regular Schedule. A Schedule whose time intervals recur regularly.

A Regular Schedule is a Schedule defined as a set of Dates that start on a recurrence start date and repeat after each recurrence interval. The size of this set is defined by a count. The initial ScheduleStub associated with a RegularSchedule identifies any special treatment applied before the recurrence start date. Similarly, a final ScheduleStub identifies any special handling at the end of the recurrences. For example, a mortgage loan that is due each calendar month may have an initial payment due before the first calendar month, or a final payment due after the last monthly payment.

Example

A 30 year mortgage is payable monthly on the 10th of the month, starting July 2015. The mortgage is issued on June 15, 2015 so the first payment is for the period June 15-June 30, and the last payment is for June 1-14 2045. The payment schedule is a RegularSchedule with these properties:

• comprises: regular payment OccurrenceKind (with payment details)
• hasInitialStub: June 15-30, 2015 for initial payment
• hasFinalStub: June 1-14, 2045 for final payment
• hasCount: 358
• hasOverallPeriod starting Date: June 15, 2015 with a duration of 30 years
• hasRecurrenceInterval: specifies 10th day of each calendar month
• hasRecurrenceStartDate: July 1, 2015