Template:Nutshell 2002 ISDA 2(d)

2(d) Deduction or Withholding for Tax.

(i) Gross-Up. The parties must pay without withholding unless required by law. Where a paying party has to withhold, then will:—

(1) promptly tell the recipient about the withholding;

(2) promptly pay the amount withheld to the relevant authorities (including any amount withheld from any gross-up payment required under this Section) when it determines the withholding is required or, if sooner, finds out that the amount has been assessed against the recipient;

(3) promptly provide the recipient with an official receipt for the tax payment; and

(4) if it is an Indemnifiable Tax, gross the payment up to ensure that the recipient actually receives the full amount it would otherwise have received (free of Indemnifiable Taxes). However, the payer will not have to gross up any withholding that would not have been needed paid but for:—

(A) the recipient failing to provide tax information as per Section 4(a), or breaching any Payee Tax Representations; or

(B) any of the recipient's Payee Tax Reps failing to be accurate other than because of (I) any regulatory action taken after a Transaction is entered into or (II) a

ISDA Anatomy™ incorporating our exclusive ISDA in a Nutshell™ Go Premium In a Nutshell™ Section CLAUSE: Template:Nutshell 2002 ISDA CLAUSE view template 2002 ISDA full text of Section CLAUSE: Template:ISDA Master Agreement 2002 CLAUSE view template Click here for the text of Section CLAUSE in the 1992 ISDA Index: Click ᐅ to expand: ISDA Navigation The Varieties of ISDA Experience Subject 2002 (wikitext) 1992 (wikitext) 1987 (wikitext) Preamble Pre Pre Pre Interpretation 1 1 1 Obligns/Payment 2 2 2 Representations 3 3 3 Agreements 4 4 4 EODs & Term Events 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE • 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • Tax Event • TEUM • CEUM • ATE • 5 Events of Default FTPD • Breach • CSD • Misrep • DUST • Cross Default • Bankruptcy • MWA Termination Events Illegality • FM • Tax Event • TEUM • CEUM • ATE • Early Termination 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-off 6 Early Termination ET right on EOD • ET right on TE • Effect of Designation • Calculations • Set-off Transfer 7 7 7 Contractual Currency 8 8 8 Miscellaneous 9 9 9 Offices; Multibranch Parties 10 10 10 Expenses 11 11 11 Notices 12 12 12 Governing Law 13 13 13 Definitions 14 14 14 Schedule Schedule Schedule Schedule Termination Provisions Part 1 Part 1 Part 1 Tax Representations Part 2 Part 2 Part 2 Documents for Delivery Part 3 Part 3 Part 3 Miscellaneous Part 4 Part 4 Part 4 Other Provisions Part 5 Part 5 Part 5 Comments? Questions? Suggestions? Requests? Insults? We’d love to 📧 hear from you. Sign up for our newsletter.

Change in Tax Law.