Template:Nutshell 2002 ISDA 5(b)(iii): Difference between revisions
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Amwelladmin (talk | contribs) (Created page with ""'''{{isdaprov|Tax Event}}'''" is a {{isdaprov|Termination Event}} whereby, following a change in tax law or practice after any trade date, an "{{isdaprov|Affected Party}}" is...") |
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'''{{isdaprov|Tax Event}}''' is a {{isdaprov|Termination Event}} whereby, following a change in tax law or practice after any trade date, an {{isdaprov|Affected Party}} is likely to have to either: | |||
:(1) [[Gross Up]] an {{isdaprov|Indemnifiable Tax}} deduction or | :(1) [[Gross Up]] an {{isdaprov|Indemnifiable Tax}} deduction; or | ||
:(2) receive a payment net of {{isdaprov|Tax}} which the {{isdaprov|Non-Affected Party}} is not required to Gross Up. | :(2) receive a payment net of {{isdaprov|Tax}} which the {{isdaprov|Non-Affected Party}} is not required to [[Gross Up]]. | ||
Revision as of 16:57, 11 April 2016
Tax Event is a Termination Event whereby, following a change in tax law or practice after any trade date, an Affected Party is likely to have to either:
- (1) Gross Up an Indemnifiable Tax deduction; or
- (2) receive a payment net of Tax which the Non-Affected Party is not required to Gross Up.