Template:M summ 2002 ISDA 5(b)(iv)

A “Burdened Party” is different from an “Affected Party” because taxes may fall on one’s own income (in which case one is both “burdened”, since you are the one who has to stump up to the taxman, and “affected” since your own income is correspondingly reduced by the payment) or on one’s payment obligations to someone else (in which case one is “burdened” by the tax, but not “affected” by it, since it is your poor counterparty who winds up a bit short in the proverbial ring).