Considering the value of a financial instrument, the circumstances under which the payment is to be made influence the value because:

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The timing and circumstances under which a payment is made can affect its value. Payments that are made when we need them the most are more valuable because they provide greater financial security and help us meet our obligations. Uncertainty in payoffs can decrease the value of a financial instrument because it increases risk and makes it harder to predict future cash flows. The timing of payments also matters, as the sooner a payment is to be made, the better, because it allows investors to earn interest or reinvest the funds elsewhere. Knowing when certain events will occur can be helpful, but it is not always necessary or sufficient for determining the value of a financial instrument.

Considering the Value of a Financial Instrument, the Circumstances Under