Template:Nutshell 2002 ISDA 5(b)(iii): Difference between revisions

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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:
:[[Tax Event - ISDA Provision|5(b)(iii)]]  '''{{isdaprov|Tax Event}}''' It will be a {{isdaprov|Termination Event}} when, 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 (other than for interest under Section {{isdaprov|9(h)}}); or <br>
:(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]] (other than where it is caused by the {{isdaprov|Non-Affected Party}}’s own omission or breach). <br>

Latest revision as of 11:50, 2 August 2018

5(b)(iii) Tax Event It will be a Termination Event when, 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 (other than for interest under Section 9(h)); or
(2) receive a payment net of Tax which the Non-Affected Party is not required to gross up (other than where it is caused by the Non-Affected Party’s own omission or breach).
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