Template:Calculation agent versus determination agent: Difference between revisions

'''Why''': The {{eqderiv}} recognise that while most calculations could be performed by whoever is appointed {{eqderivprov|Calculation Agent}}, determination of a {{eqderivprov|Cancellation Amount}} is inextricably related to the [[hedge]] and —- especially where there is a [[Market Disruption Event - Equity Derivatives Provision|disrupted market]] – this is best to be calculated by the one whose problem it is to unwinding that hedge: namely, the {{eqderivprov|Hedging Party}}. In theory (though almost never in practice<ref>If ''{{eqderivprov|Calculation Agent}} == [[Dealer]]'', and ''[[Dealer]] == {{eqderivprov|Hedging Party}}'', and ''{{eqderivprov|Hedging Party}} == {{eqderivprov|Determining Party}}'', then ''{{eqderivprov|Calculation Agent}} == {{eqderivprov|Determining Party}}''.</ref>) the {{eqderivprov|Hedging Party}} might not be the {{eqderivprov|Calculation Agent}}.  

'''When''': The {{eqderivprov|Determining Party}} only ever has to determine a {{eqderivprov|Cancellation Amount}}, {{eqderivprov|Cancellation and Payment}} or {{eqderivprov|Partial Cancellation and Payment}} under {{eqderivprov|12.8}}, and that will only happen in only when a Transaction terminates following an {{eqderivprov|Extraordinary Event}} or an {{eqderivprov|Additional Disruption Event}}.

'''Enter the lawyers''': Nevertheless, this is all the opportunity my brethren in the [[Mediocre lawyer|legal profession]]need  to confect, and spray-hose all over your confirmation, language like ''“determination or calculation, [[as the case may be]], made (respectively) by the Calculation Agent or Determining Party, [[as the case may be]]”''.