Valuation and Timing
(i) "Valuation Agent" means, for the purposes of Paragraphs 2 and 4, the party making the demand under Paragraph 2 and for the purposes of Paragraph 5(c), the Transferee; provided, however, that in all cases, if an Event of Default or a Potential Event of Default has occurred and is continuing with respect to the Valuation Agent, the other party shall be the Valuation Agent.
(ii) "Valuation Date" means each Local Business Day in ……………. and in Zurich.
(iii) "Valuation Time" means the close of business in the city of the Valuation Agent on the Local Business Day immediately preceding the Valuation Date or date of calculation, as applicable; provided that the calculations of Value and Exposure will, as far as practicable, be made as of approximately the same time on the same date.
(iv) "Notification Time" means 01:00 p.m., Zurich time, on a Local Business Day.

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