Template:ISDA Master Agreement 2002 2(d)(ii): Difference between revisions

:{{isdaprov|2(d)(ii)}} '''Liability'''. If:―  

::(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to make any deduction or withholding in respect of which X would not be required to pay an additional amount to Y under Section {{isdaprov|2(d)(i)(4)}};

::(2) X does not so deduct or withhold; and

::(3) a liability resulting from such {{isdaprov|Tax}} is assessed directly against X,

:then, except to the extent Y has satisfied or then satisfies the liability resulting from such {{isdaprov|Tax}}, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section {{isdaprov|4(a)(i)}}, {{isdaprov|4(a)(iii)}} or {{isdaprov|4(d)}}). <br>