Template:Nutshell 2002 ISDA 5(b)(iii)

"Tax Event" is a Termination Event whereby, following a change in tax law or practice after any trade date, an "Affected Party" is likely to have to either

(1) Gross Up an Indemnifiable Tax deduction or

(2) receive a payment net of Tax which the Non-Affected Party is not required to Gross Up.