Deduction or Withholding for Tax - ISDA Provision

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Commentary

Observant and diligent scholars will notice that these two clauses are, more or less, identical.

Observant and less obedient scholars will remark how much of a pig's ear the ISDA drafting committee can make of drafting a relatively simple concept and, given a once-in-a-decade opportunity to improve its first attempt in the 1992 ISDA, how in 2002 the combined intellectual might of ISDA, its members, friends and relations, and their divers counsel, retinue and entourage, couldn't.

This is, therefore, the apex of all possible derivatives drafting. Make you feel great to be alive, doesn't it.