Template:2014 ISDA Credit Derivatives Definitions 1.5

Section 1.5 Calculation Agent. “Calculation Agent” means the party to a Credit Derivative Transaction (or a third party) specified as such in the related Confirmation (or, if a person is not so specified, Seller) who is responsible for making the determinations required to be made by the Calculation Agent under the Credit Derivative Transaction in accordance with the terms of the related Confirmation. Whenever the Calculation Agent is required to act or to exercise judgment, it will do so in good faith and in a commercially reasonable manner. The Calculation Agent shall, as soon as practicable after making any of the required determinations, notify the parties of such determination. Furthermore, each party agrees that the Calculation Agent is not acting as a fiduciary for or as an advisor to such party in respect of its duties as Calculation Agent in connection with any Credit Derivative Transaction.