On Pmt Val Date

Key On Pmt Val Date in Contingent Claim refers to an optional date that becomes relevant only if the trigger function Trigger Fn evaluates to TRUE during a particular simulation run.
In that latter case, the payoff function defined through the key On Pmt Fn must be valuated based on the observed quotes of the u underlyings defined in the related Payoff Policy.
By default, the latter valuation takes place immediately, i.e. the required u quotes are observed at the same time when the respective trigger function fires up.
It is possible though to postpone the payoff valuation to a latter time by one of two alternative ways:
1)By adding a time interval to the trigger activation time through the key On Pmt Val Delay.
2)By specifying the payoff valuation time directly through the entry here.
Note that not both of these two specifications above may be used simultaneously.
If none of them is used, the payoff function is valuated when the respective trigger function fires up, as mentioned above.