ST Valuation Date means the Redemption Valuation Date.
SPS Valuation Date means the SPS FR Barrier Valuation Date or the Strike Date, as applicable.
Exercise Valuation Date means the first Scheduled Trading Day of the month following the expiry of 35 calendar days after the Exercise Date. For the avoidance of doubt, the 35 calendar day period is mandatory and non-waivable by either the Issuer or the Holder.
Non-Disrupted Valuation Date means a Valuation Date which is not a "Disrupted Day". “Normal Exposure” means a +1x exposure to the Reference Asset.
Valuation Time means the close of business in the city of the Valuation Agent on the Local Business Day before the Valuation Date or date of calculation, as applicable, provided that the calculations of Value and Exposure will be made as of approximately the same time on the same date.