Template:Nutshell 2016 CSA 3(b)

3(b) Calculations. The Valuation Agent will calculate Value and Exposure for Paragraph 2 (transfers) and 4(a) (disputes) as of the Valuation Time.

When calculating Value, it may use close of businessValues for the Eligible Credit Support (VM) as of the Valuation Time. When calculating Exposure, it may use close of business data in relevant markets as of the Valuation Time.

The Valuation Agent will transmit its calculations by the Notification Time on the Local Business Day following the Valuation Date (or other calculation date).