GMAT Expiration Question

Hi everyone,

I understand that the GMAT lasts for 5 years, so I am wondering what is the final year that I could apply for business school given that I took the GMAT on October 15, 2010.

I assume that if a school has a R1 deadline of October 1, 2015, my GMAT would still be valid. But what if a school has a R1 deadline of November 1, 2015, and I submit my application on October 10? And how about if I submit that application on October 31, 2015? Will my GMAT be valid in either of those cases? And finally, what if I submit my application for a R2 deadline of January 1, 2016? Please let me know how this works, as it will determine whether I apply in 2014 or 2015.

Thanks,
Nick