One log record, as OpenTelemetry's data model defines it: when it happened,
what it says, how urgent it is, the trace it belongs to, and the attributes it
carries.
It is a value. A sink may keep it, queue it, copy it or throw it away, and a
logger that has handed one over never sees it again.
time is None when the caller has no event time of its own — a record read
out of another logging library may know only when it was collected. The
observed time is always present, because a record that cannot say when it was
seen cannot be ordered at all.