The party to an over-the-counter (OTC) derivatives transaction such as an interest rate swap (IRS) or credit default swap (CDS) that is charged with making certain calculations and determinations germane to the transaction and the exchange of payments thereunder. The calculation agent may be designated in the ISDA Schedule to cover all transactions entered into under the related ISDA Master Agreement (ISDA Master), or in an individual transaction confirmation for a single transaction. The calculation agent is typically the bank or dealer counterparty to the transaction. For further details on the calculation agent, see Practice Note, Understanding the ISDA Master Agreement and Schedule: Part 4(e): Calculation Agent.