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| {{isdasnap|3(e)}} | | {{nman|isda|2002|3(e)}} |
| ====Commentary====
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| The usual form of the Payer Tax Representations, which you'll find in Part 2 of the Swap {{isdaprov|Schedule}}, is as follows:
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| {{box|'''{{isdaprov|Payer Tax Representations}}''': For the purposes of Section {{isdaprov|3(e)}} each party represents that it is not required by {{isdaprov|Applicable Rules}} to make any deduction or withholding for or on account of any {{isdaprov|Tax}} from any payment (other than interest under Section {{isdaprov|9(h)}}) to be made by it to the other party under this {{isdaprov|Agreement}}. In making this representation, it may rely on:
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| :(i) the accuracy of any representations made by the other party pursuant to Section {{isdaprov|3(f)}} of this {{isdaprov|Agreement}};
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| :(ii) the satisfaction of the agreement contained in Section {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} of this {{isdaprov|Agreement}} and the accuracy and effectiveness of any document provided by the other party pursuant to Section {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} of this {{isdaprov|Agreement}}; and
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| :(iii) the satisfaction of the agreement of the other party contained in Section {{isdaprov|4(d)}} of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section {{isdaprov|4(a)(iii)}} by reason of material prejudice to its legal or commercial position.}}
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| {{withholding under ISDA}}
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| ====See Also====
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| *{{isdaprov|Tax}}
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| *{{isdaprov|Gross-Up}}
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| *{{isdaprov|Furnish Specified Information}}
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| {{isdaanatomy}}
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2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™
3(e) in a Nutshell™
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The JC’s Nutshell™ summary of this term has moved uptown to the subscription-only ninja tier. For the cost of ½ a weekly 🍺 you can get it here. Sign up at Substack. You can even ask questions! Ask about it here.
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Original text
Resources and Navigation
Index: Click ᐅ to expand:
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Comparisons
No change between Section 3(e) of the 1992 ISDA and Section 3(e) of the 2002 ISDA. To be fair, what’s there to change?
Basics
You’ll find the usual form of the Payer Tax Representations by clicking on that blue link. They live in Part 2 of the Schedule.
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- JC’s “nutshell” summary of the clause
- Background reading and long-form essays
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- A canter through the withholding terms under the ISDA, TLDR style.
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See also
References