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| {{isdaanat|2(d)}} | | {{newisdamanual|2(d)|}} |
| ===So?===
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| Section {{isdaprov|2(d)}} does the following:
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| *'''Net obligation''': if a counterparty suffers withholding it generally doesn’t have to gross up – it just remits tax to the revenue and pays net.
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| *'''Refund obligation where tax subsequently levied''': if a counterparty pays gross and subsequently is levied the tax, the recipient must refund an equivalent amount to the tax.
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| *'''{{isdaprov|Indemnifiable Tax}}''': the one exception is “{{isdaprov|Indemnifiable Tax}}” - this is tax arises as a result of the payer’s own status vis-à-vis the withholding jurisdiction. In that case the payer has to gross up, courtesy of a magnificent [[quintuple negative]].
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| ====Stamp Tax covered elsewhere====
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| {{isdaprov|Stamp Tax}} reimbursement obligations are covered at {{isdaprov|4(e)}}, not here.
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| ==== Differences between {{1992ma}} and {{2002 ma}}====
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| There’s no great [https://jollycontrarian.com/index.php?title=User%3AAmwelladmin&type=revision&diff=20900&oldid=20899 difference] between the {{2002ma}} and the {{1992ma}}: [[File:2(d)(i).png|thumb|left|450px|The differences between the {{2002ma}} and the {{1992ma}}]] <br>
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| Both are excruciating in the conveyance of a fairly simple idea, which, in a {{nutshell}} is this:
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| You can revel in the full heft of these provisions at right.
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| Observant and obedient scholars will notice that the {{1992ma}} and the {{2002ma}} versions are, [[more or less]], identical. Observant and ''less'' obedient scholars will remark what a pig’s ear the ISDA drafting committee made of a relatively simple concept and, when given a once-in-a-decade opportunity to improve it in 2002, the combined intellectual might of {{tag|ISDA}}, its members, friends, relations and their divers [[mediocre lawyer|counsel]], retinue and entourage, couldn’t.
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| Or didn’t.
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| This is, therefore, [[Q.E.D.]], the apex of all possible derivatives drafting. Especially the triple negative in {{isdaprov|Indemnifiable Tax}}.
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| Make you feel great to be alive, doesn’t it. I bet you wish it could be simplified. Here: let [[me]] have a go.
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| {{nuts|ISDA|Gross-Up}}
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| {{Withholding under ISDA}}
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