Template:ISDA Master Agreement 2002 2(d)(ii): Difference between revisions
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{{isdaprov|2(d)(ii)}} Liability. If:― | :{{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)}}; | ||
:(2) X does not so deduct or withhold; and | ::(2) X does not so deduct or withhold; and | ||
:(3) a liability resulting from such {{isdaprov|Tax}} is assessed directly against X, | ::(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 | :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> | ||
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)).