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

A “Burdened Party” is different from an “Affected Party” because taxes may be imposed on one’s income (in which case one is both “burdened” by the Tax, in that you are the one that has to pay it, and “affected” by it, in the sense that your income is correspondingly reduced as a result) 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 payee who winds up a bit short in the proverbial ring).