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:― <br> | ||
:(1) X is required by any applicable law, as modified by the practice of any relevant <br>governmental revenue authority, to make any deduction or withholding in respect of which X would <br>not be required to pay an additional amount to Y under Section {{isdaprov|2(d)(i)(4)}};<br> | :(1) X is required by any applicable law, as modified by the practice of any relevant <br>governmental revenue authority, to make any deduction or withholding in respect of which X would <br>not be required to pay an additional amount to Y under Section {{isdaprov|2(d)(i)(4)}};<br> | ||
:(2) X does not so deduct or withhold; and<br> | :(2) X does not so deduct or withhold; and<br> | ||
:(3) a liability resulting from such {{isdaprov|Tax}} is assessed directly against X,<br> | :(3) a liability resulting from such {{isdaprov|Tax}} is assessed directly against X,<br> | ||
then, except to the extent Y has satisfied or then satisfies the liability resulting from such {{isdaprov|Tax}}, Y will <br>promptly pay to X the amount of such liability (including any related liability for interest, but including any <br>related liability for penalties only if Y has failed to comply with or perform any agreement contained in <br>Section {{isdaprov|4(a)(i)}}, {{isdaprov|4(a)(iii)}} or {{isdaprov|4(d)}}). <br> | then, except to the extent Y has satisfied or then satisfies the liability resulting from such {{isdaprov|Tax}}, Y will <br>promptly pay to X the amount of such liability (including any related liability for interest, but including any <br>related liability for penalties only if Y has failed to comply with or perform any agreement contained in <br>Section {{isdaprov|4(a)(i)}}, {{isdaprov|4(a)(iii)}} or {{isdaprov|4(d)}}). <br> | ||
Revision as of 11:18, 21 August 2012
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)).