Template:ISDA Master Agreement 1992 2(d)(ii): Difference between revisions

From The Jolly Contrarian
Jump to navigation Jump to search
Created page with "{{isdaprov|2(d)(ii)}} '''Liability'''. If:― <br> :(1) X is required by any applicable law, as modified by the practice of any relevant governmental revenue authority, to mak..."
 
No edit summary
Line 1: Line 1:
{{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 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)}}; <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 <br>would 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 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)}}).
then, except to the extent Y has satisfied or then satisfies the liability resulting from such {{isdaprov|Tax}}, Y <br>will promptly pay to X the amount of such liability (including any related liability for interest, but <br>including any related liability for penalties only if Y has failed to comply with or perform any <br>agreement contained in Section {{isdaprov|4(a)(i)}}, {{isdaprov|4(a)(iii)}} or {{isdaprov|4(d)}}).

Revision as of 11:19, 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)).