Template:Isda Change in Tax Law summ: Difference between revisions
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So one mild observation here is that this definition of a “{{{{{1}}}|Change in Tax Law}}” does not specifically mention, you know, ''[[tax]]'' [[per se]]. Which at first glance is odd. | So one mild observation here is that this definition of a “{{{{{1}}}|Change in Tax Law}}” does not specifically mention, you know, ''[[tax]]'' [[per se]]. Which at first glance is odd. | ||
This transpires not to matter, though, seeing as {{ | This transpires not to matter, though, seeing as {{{{{1}}}|Change in Tax Law}} appears only twice in the {{2002ma}}, and in each case the context in which it appears is very specific to tax. They are: | ||
*Section {{ | *Section {{{{{1}}}|2(d)}}(4)(B) (which deals with exclusions to the general requirement to [[gross up]] for {{{{{1}}}|Indemnifiable Tax}}es; and | ||
*Section {{ | *Section {{{{{1}}}|5(b)(iii)}} ({{{{{1}}}|Tax Event}}s), defining things that count as {{{{{1}}}|Tax Event}}s by making an {{{{{1}}}|Affected Party}} more likely to suffer an {{{{{1}}}|Indemnifiable Tax}}. | ||
The provisions surrounding gross up and termination and Indemnifiable Taxes are some of the most (linguistically) complicated in the {{isdama}}, by the way. | The provisions surrounding gross up and termination and Indemnifiable Taxes are some of the most (linguistically) complicated in the {{isdama}}, by the way. | ||
Latest revision as of 21:17, 15 April 2020
So one mild observation here is that this definition of a “{{{{{1}}}|Change in Tax Law}}” does not specifically mention, you know, tax per se. Which at first glance is odd.
This transpires not to matter, though, seeing as {{{{{1}}}|Change in Tax Law}} appears only twice in the 2002 ISDA, and in each case the context in which it appears is very specific to tax. They are:
- Section {{{{{1}}}|2(d)}}(4)(B) (which deals with exclusions to the general requirement to gross up for {{{{{1}}}|Indemnifiable Tax}}es; and
- Section {{{{{1}}}|5(b)(iii)}} ({{{{{1}}}|Tax Event}}s), defining things that count as {{{{{1}}}|Tax Event}}s by making an {{{{{1}}}|Affected Party}} more likely to suffer an {{{{{1}}}|Indemnifiable Tax}}.
The provisions surrounding gross up and termination and Indemnifiable Taxes are some of the most (linguistically) complicated in the ISDA Master Agreement, by the way.