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'''{{1994csa}} and {{1995csa}}''': Whatever you specified in your elections paragraph and, the older your document is, the more likely it is to be an arbitrary and quite unnervingly long period. <li> | '''{{1994csa}} and {{1995csa}}''': Whatever you specified in your elections paragraph and, the older your document is, the more likely it is to be an arbitrary and quite unnervingly long period. <li> | ||
'''{{2016nycsa}} and {{2016csa}}''': Unless otherwise specified in the elections paragraph, ''every'' day on which you’re both in the office in at least one of your {{{{{1}}}|Valuation Date Location}}s. ''Should'' the parties specify otherwise in their elections? No. Why would they? ''Will'' they? Experience suggests, for a dogged minority, they just might. Don’t be that guy. </ol> | '''{{2016nycsa}} and {{2016csa}}''': Unless otherwise specified in the elections paragraph, ''every'' day on which you’re both in the office in at least one of your {{{{{1}}}|Valuation Date Location}}s. ''Should'' the parties specify otherwise in their elections? No. Why would they? ''Will'' they? Experience suggests, for a dogged minority, they just might. Don’t be that guy. </ol> | ||
====Calculation | ====Valuation/Calculation Time==== | ||
A bit of an evolution in the concept of the | A bit of an evolution in the concept of the Valuation/Calculation Time between the [[OG CSA]]s and [[Modern CSA]]s. | ||
In the [[OG CSA]]s, the Valuation Time defaulted to one of close of business on the Valuation Date — which figures, intuitively — or close of business on the | In the [[OG CSA]]s, the Valuation Time defaulted to one of close of business on the Valuation Date — which figures, intuitively — or close of business on the Local Business Day immediately before the Valuation Date — which doesn’t, as a matter of cold semantic logic make sense, but okay, the time by reference to which you calculate a value, does not have to be on the same day that you actually calculate it, as long as it has already happened. Fine. When you think about it the {{{{{1}}}Valuation Time}} being at the ''close of business'' on a {{{{{1}}}Valuation Date}} implies that the point in the day at which you are actually ''performing'' your valuation calculations is, well, ''after'' closing time: the bell has rung and everyone has started drifting home. That doesn’t make a lot of sense either. But hey ho. | ||
In the [[Modern CSA]]s the {{{{{1}}}Valuation Time}} is quite a lot looser. If you haven’t fiddled with it, the {{{{{1}}}Valuation Time}} is the {{{{{1}}}Valuation Agent}}’s normal time for calculating end-of-day valuations — which need not, therefore, be the actual end of the day — or any other commercially reasonable time “on the relevant day”. “Day”, not “date”, and not {{{{{1}}}Valuation Date}}, so it could still be the ''preceding'' day, but logically it doesn’t make a lot of sense (we think) to presume it could be ''afterwards''. | In the [[Modern CSA]]s the {{{{{1}}}Valuation Time}} is quite a lot looser. If you haven’t fiddled with it, the {{{{{1}}}Valuation Time}} is the {{{{{1}}}Valuation Agent}}’s normal time for calculating end-of-day valuations — which need not, therefore, be the actual end of the day — or any other commercially reasonable time “on the relevant day”. “Day”, not “date”, and not {{{{{1}}}Valuation Date}}, so it could still be the ''preceding'' day, but logically it doesn’t make a lot of sense (we think) to presume it could be ''afterwards''. | ||