Template:Nutshell 2002 ISDA 5(b)(iii): Difference between revisions
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:[[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: | :[[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).
- (1) Gross up an Indemnifiable Tax deduction (other than for interest under Section 9(h)); or