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

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.