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| Section {{eqderivprov|1.51}}. '''{{eqderivprov|Knock-out Valuation Time}}'''. “'''{{eqderivprov|Knock-out Valuation Time}}'''” means, in respect of a {{eqderivprov|Transaction}} that provides for a right to receive, or obligation to make, a payment or delivery that is subject to a {{eqderivprov|Knock-out Event}}, the time on any {{eqderivprov|Knock-out Determination Day}} specified as such in the related {{eqderivprov|Confirmation}}. [[in that the event that]] the related {{eqderivprov|Confirmation}} does not specify a {{eqderivprov|Knock-out Valuation Time}}, the {{eqderivprov|Knock-out Valuation Time}} shall be the {{eqderivprov|Valuation Time}} specified in the related {{eqderivprov|Confirmation}}, or if no {{eqderivprov|Valuation Time}} is specified, the {{eqderivprov|Scheduled Closing Time}} on the relevant exchange for the {{eqderivprov|Knock-out Reference Security}} on any {{eqderivprov|Knock-out Determination Day}}, in relation to the index, share, other security or basket to be valued. If the relevant exchange closes prior to its {{eqderivprov|Scheduled Closing Time}} and the specified {{eqderivprov|Knock-out Valuation Time}} is after the actual closing time for its regular trading session, then the {{eqderivprov|Knock-out Valuation Time}} shall be such actual closing time. <br>
| | {{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}} |
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| | 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> |