Template:M comp disc 2002 ISDA Tax

Redlines

• 1987 ⇒ 1992: Redline of the ’92 vs. the ’87: comparison (and in reverse)
• 1992 ⇒ 2002: Redline of the ’02 vs. the ’92: comparison (and in reverse)
• 1987 ⇒ 2002: Redline of the ’92 vs. the ’87: comparison (and in reverse)

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Discussion

You will find the redlines above most disappointing — or delightful, depending on whether you like order or chaos — as this language has not changed at all since 1987. “{{{{{1}}}|Tax}}” features in the ISDA Master Agreement as follows:

• Section {{{{{1}}}|4(a)}}: To furnish specified information, including as regards (at {{{{{1}}}|4(a)(iii)}}) any forms required to pay {{{{{1}}}|Tax}} without withholding, leading on to...
• Section {{{{{1}}}|2(d)}}: All payments are made without withholding or deduction unless required by law, and (where withholding IS required by law and the {{{{{1}}}|Tax}} is an {{{{{1}}}|Indemnifiable Tax}}) a gross-up is required.
• Section {{{{{1}}}|4(e)}}: Each party pays its own {{{{{1}}}|Stamp Tax}} on execution of the {{{{{1}}}|Agreement}} (and indemnifies the other party if its taxing jurisdiction imposes about a stampable amount on the other party)