Template:Commodity Definitions Calculation Agent

4.5. Calculation Agent. “Calculation Agent” means the party designated as such for the Transaction and responsible for:

(a) calculating the applicable Floating Price or Settlement Level, if any, for or relevant to each Settlement Date, Payment Date;

(b) calculating any Payment Date or Cash Settlement Amount payable on each Settlement Date or Payment Date;

(c) calculating any Fixed Amount payable on each Settlement Date or Payment Date;

(d) calculating any payable on each Payment Date;

(e) giving notice to the parties to the Transaction on the Calculation Date for each Settlement Date, Payment Date, specifying:

(i) the Settlement Date, Payment Date, as the case may be;

(ii) the party or parties required to make the payment or payments, and delivery or deliveries, then due;

(iii) the amount or amounts of the payment or payments, or quantity or quantities of the deliveries, then due; and

(iv) reasonable details as to how the amount or amounts, or quantity or quantities, were determined;

(f) if, after notice is given, there is a change in the number of days in the relevant Calculation Period and the amount or amounts of the payment or payments, or quantity or quantities of the deliveries, due for that Settlement Date, Payment Date, promptly giving the parties to the Transaction notice of those changes with reasonable details as to how those changes were determined;

(g) determining, as provided in Section 7.4(e), whether a Market Disruption Event exists on any Pricing Date and, if applicable, the price for that Pricing Date pursuant to Section 7.5(c);

(h) determining if a Missing Data Day exists or Data Correction applies in accordance with Section 11.21 and determining that data or a correction amount, as applicable, pursuant thereto; and

(i) performing any other duty specified in a relevant Confirmation (including in these Commodity Definitions).

Whenever the Calculation Agent is required to act or to exercise judgment in any way, it will do so in good faith and in a commercially reasonable manner, and its determinations and calculations shall be binding in the absence of manifest error. When the Calculation Agent is required to select dealers or a quotation for the purpose of making any calculation or determination, the Calculation Agent will make the selection in good faith after consultation with the other party (or the parties, if the Calculation Agent is a third party), if practicable, for the purpose of obtaining a representative price that will reasonably reflect conditions prevailing at the time in the relevant market. 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 Transaction.