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{{eqderivprov|1.51}}. “'''{{eqderivprov|Knock-out Valuation Time}}'''” means the specified time on any {{eqderivprov|Knock-out Determination Day}} or, if there is none, the {{eqderivprov|Valuation Time}} specified in the related {{eqderivprov|Confirmation}}, or if none, the {{eqderivprov|Scheduled Closing Time}} on the relevant exchange for the {{eqderivprov|Knock-out Reference Security}} on any {{eqderivprov|Knock-out Determination Day}} | |||
If an exchange closes early and before the specified {{eqderivprov|Knock-out Valuation Time}}, the {{eqderivprov|Knock-out Valuation Time}} will be that actual closing time. <br> | If an exchange closes early and before the specified {{eqderivprov|Knock-out Valuation Time}}, the {{eqderivprov|Knock-out Valuation Time}} will be that actual closing time. <br> |