You agree that this Agreement shall be deemed to have been made and executed in the Grand Duchy of Luxembourg and that it is subject to the laws of Luxembourg.
They picked law too.
When did they take out the part about:
2. In the case of a one-time purchase of a product license (e.g., purchase of a single game) from Valve, Valve may choose to terminate or cancel your Subscription in its entirety or may terminate or cancel only a portion of the Subscription (e.g., access to the software via Steam) and Valve may, but is not obligated to, provide access (for a limited period of time) to the download of a stand-alone version of the software and content associated with such one-time purchase.
They've just replaced that now with a part saying that the term length continues until a point when valve decides to cancel the agreement at any time. I need to do more reading but I don't think ending an indefinite term when they feel like it qualifies as limited term.