Calculation Agent

The ISDA Schedule does contain an election for Calculation Agent but, curiously, the term isn’t otherwised defined or used in either version of the ISDA Master Agreement. the parties may spend a great deal of fruitless energy in haggling, at Part 4(e) of the Schedule, about who should be the Calculation Agent, and what rights the other poor sap should have to challenge its determinations.

The term is defined separately in each definition booklet:

• In the 2002 ISDA Equity Derivatives Definitions at Section 1.40;
• In the 2006 ISDA Fund Derivatives Definitions (in virtually identical terms to the 2002 ISDA Equity Derivatives Definitions) at Section 1.27;
• In the 2005 ISDA Commodity Definitions at greater length in Section 4.5;
• In the Template:Creditdefs also at greater length Section Template:Creditdefprov;

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