Template:Nutshell 2002 ISDA 2(d)(i): Difference between revisions
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Amwelladmin (talk | contribs) m Amwelladmin moved page Template:Nutshell ISDA Gross-Up to Template:Nutshell 2002 ISDA 2(d)(i) |
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{{isdaprov|2(d)(i)}} {{isdaprov|Gross-Up}}. | :{{isdaprov|2(d)(i)}} '''{{isdaprov|Gross-Up}}'''. The parties must pay without withholding unless required by law. Where a payer has to withhold, it must:— | ||
::(1) promptly tell the recipient; | |||
:(1) promptly | ::(2) promptly pay the withheld amount to the relevant authorities (including the withholding on any required {{isdaprov|gross-up}}); | ||
:(2) pay the | ::(3) give the recipient a receipt for the tax payment; and | ||
:(3) | ::(4) gross up any {{isdaprov|Indemnifiable Tax}}, so that the recipient receives the amount it would otherwise have received (free of {{isdaprov|Indemnifiable Taxes}}). | ||
:(4) | :However, the payer need not gross up any withholding that arose only because:— | ||
:::(A) the recipient did not provide Section {{isdaprov|4(a)}} tax information, or breached its {{isdaprov|Payee Tax Representations}}; or | |||
:( | :::(B) the recipient's {{isdaprov|Payee Tax Representations}} were untrue other than because of (I) any regulatory action taken after execution of the {{isdaprov|Transaction}} or (II) a {{isdaprov|Change in Tax Law}}. <br> | ||
:( |