Determining Party - Equity Derivatives Provision

Relevant only for the purposes of 12.8 (Cancellation Amount), which will come into play where Cancellation and Payment or Partial Cancellation and Payment are specified as the determination methods. This will generally happen in only two circumstances:

• termination of a transaction following an Extraordinary Event
• termination of a transaciton following an Additional Disruption Event.

Here a party who is not otherwise the Calculation Agent may wish to be in control of this determination (or at least have a say in it) which is why this provision is not necessarily handled by the Calculation Agent (the swap dealer who is hedging the trade will usually be sole Calculation Agent).