82,882
edits
Amwelladmin (talk | contribs) No edit summary |
Amwelladmin (talk | contribs) No edit summary |
||
Line 6: | Line 6: | ||
This seems a stretch (though probably one they cribbed from [[2002 ISDA User Guide]]<ref>the [[2002 ISDA User Guide]] says “... no [[gross-up]] is required if the payee has made a {{isdaprov|Payee Tax Representation}} that was false when made or later becomes false (unless it becomes false as a result of a {{isdaprov|Change in Tax Law}} or similar legal development”</ref>) — the usually fulsome<ref>Did I say fulsome? Tiresome.</ref> prose of the {{isdama}} neglects in this case to say anything about {{isdaprov|Payee Tax Representations}}, right or wrong, much less the {{isdaprov|Payer}}’s legitimate reliance on them or {{isdaprov|Change in Tax Law}}. | This seems a stretch (though probably one they cribbed from [[2002 ISDA User Guide]]<ref>the [[2002 ISDA User Guide]] says “... no [[gross-up]] is required if the payee has made a {{isdaprov|Payee Tax Representation}} that was false when made or later becomes false (unless it becomes false as a result of a {{isdaprov|Change in Tax Law}} or similar legal development”</ref>) — the usually fulsome<ref>Did I say fulsome? Tiresome.</ref> prose of the {{isdama}} neglects in this case to say anything about {{isdaprov|Payee Tax Representations}}, right or wrong, much less the {{isdaprov|Payer}}’s legitimate reliance on them or {{isdaprov|Change in Tax Law}}. | ||
It seems to say if the | It seems to say if the {{isdaprov|Payer}}, whether through blameless inadvertence, stupidity ''or'' the falsity of a {{isdaprov|Payee Tax Representation}}, neglects to account for a {{isdaprov|Tax}} it was obliged to account for, the poor old {{isdaprov|Payee}} has to cover. | ||
But on the other hand, it is hard to think of a better explanation than the one nicked from the [[2002 ISDA User Guide]]. So, go [[FT book about derivatives|Paul C. Harding]]!!! | But on the other hand, it is hard to think of a better explanation than the one nicked from the [[2002 ISDA User Guide]]. So, go [[FT book about derivatives|Paul C. Harding]]!!! |