Hire Act Amendment - ISDA Provision

2002 ISDA Master Agreement
A Jolly Contrarian owner’s manual™

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Amendment Hire Act Amendment in a Nutshell™

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Full text of Amendment Hire Act Amendment

HIRE Act: 1. The flush language at the end of Section 2(d)(ii) (Obligations - Deduction or Withholding for Tax – Liability) of this Agreement is replaced in its entirety with the following: “then, except to the extent Y has satisfied (including by making a payment to X pursuant to Section 2(d)(iii)) 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)).” 2. The following is added at the end of Section 2(d) as new section 2(d)(iii): “Additional Amendments related to Tax. The parties agree that solely as between Party A and Party B, the definitions and provisions contained in the ISDA 2010 Short Form HIRE Act Protocol published by the International Swaps and Derivatives Association, Inc. on November 30, 2010, including the Attachment thereto ("Short Form Protocol"), will be deemed to be incorporated herein, mutatis mutandis, as though such definitions and provisions were set out in full herein, with any such conforming changes as are necessary to deal with what would otherwise be inappropriate or incorrect cross references. The parties further agree that the Implementation Date (as such term is defined in the Short Form Protocol) shall be the date of execution of this Agreement.” view template