Deduction or Withholding for Tax - ISDA Provision

• Gross-Up
• Liability (for withholding)

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 from 1992, 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.