Template:M summ GMSLA 12

Expect some ninja swordplay on the extent of the gross up in 12.2(d).

For one thing, adding in some exemption for 871(m); another favourite trick is to try to harmonise with the Indemnifiable Taxes regime of the ISDA Master Agreement, by carving out a gross up obligation to the extent it is a function of the gross-up recipient’s tax status with the withholding jurisdiction:

“such Tax would not have been imposed but for a present or former connection between the jurisdiction imposing such Tax and the Recipient (other than the mere receipt of payment from Payer or the performance of Recipient’s obligations hereunder)”