Template:Csa Valuation Time summ

A bit of an evolution in the concept of the {{{{{1}}}Valuation Time}} between the OG and VM versions of the CSA.

In the OG versions, the {{{{{1}}}Valuation Time}} defaulted to one of close of business on the {{{{{1}}}Valuation Date}} — which figures, intuitively, or close of business on the {{{{{1}}}|Local Business Day}} immediately before the {{{{{1}}}Valuation Date}} — which doesn’t, as a matter of cold semantic logic, 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. In fact, 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 really make a lot of sense either. But hey ho.

In the VM CSAs, the Valuation Time is quite a lot looser. If you haven’t fiddled with it, the Valuation Time is the 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 afterward.