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

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{{isdaprov|2(d)(ii)}} Liability. If:― <br>
:{{isdaprov|2(d)(ii)}} '''Liability'''. If:―  
:(1) X is required by any applicable law, as modified by the practice of any relevant
::(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)}};
governmental revenue authority, to make any deduction or withholding in respect of which X would
::(2) X does not so deduct or withhold; and
not be required to pay an additional amount to Y under Section {{isdaprov|2(d)(i)(4)}};
::(3) a liability resulting from such {{isdaprov|Tax}} is assessed directly against X,
:(2) X does not so deduct or withhold; and
: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>
:(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)}}).

Latest revision as of 13:38, 19 September 2019

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 2(d)(i)(4);
(2) X does not so deduct or withhold; and
(3) a liability resulting from such Tax is assessed directly against X,
then, except to the extent Y has satisfied or then satisfies the liability resulting from such 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 4(a)(i), 4(a)(iii) or 4(d)).