Payer Tax Representation - ISDA Provision: Difference between revisions

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====Commentary====
The usual form of the Payer Tax Representations, which you'll find in Part 2 of the Swap {{isdaprov|Schedule}}, is as follows:
 
{{box|'''{{isdaprov|Payer Tax Representations}}''': For the purposes of Section {{isdaprov|3(e)}} each party represents that it is not required by {{isdaprov|Applicable Rules}} to make any deduction or withholding for or on account of any {{isdaprov|Tax}} from any payment (other than interest under Section {{isdaprov|9(h)}}) to be made by it to the other party under this {{isdaprov|Agreement}}. In making this representation, it may rely on:
:(i) the accuracy of any representations made by the other party pursuant to Section {{isdaprov|3(f)}} of this {{isdaprov|Agreement}};
:(ii) the satisfaction of the agreement contained in Section {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} of this {{isdaprov|Agreement}} and the accuracy and effectiveness of any document provided by the other party pursuant to Section {{isdaprov|4(a)(i)}} or {{isdaprov|4(a)(iii)}} of this {{isdaprov|Agreement}}; and
:(iii) the satisfaction of the agreement of the other party contained in Section {{isdaprov|4(d)}} of this Agreement, except that it will not be a breach of this representation where reliance is placed on clause (ii) above and the other party does not deliver a form or document under Section {{isdaprov|4(a)(iii)}} by reason of material prejudice to its legal or commercial position.}}
 
====See Also====
*{{isdaprov|Tax}}
*{{isdaprov|Gross-Up}}
*{{isdaprov|Furnish Specified Information}}
{{isdaanatomy}}

Latest revision as of 16:17, 30 December 2023

2002 ISDA Master Agreement

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ISDA Text: 3(e)

3(e) Payer Tax Representation. Each representation specified in the Schedule as being made by it for the purpose of this Section 3(e) is accurate and true.

Related agreements and comparisons

Click here for the text of Section 3(e) in the 1992 ISDA
Click to compare this section in the 1992 ISDA and 2002 ISDA.

Resources and Navigation

This provision in the 1992

Resources Wikitext | Nutshell wikitext | 1992 ISDA wikitext | 2002 vs 1992 Showdown | 2006 ISDA Definitions | 2008 ISDA | JC’s ISDA code project
Navigation Preamble | 1 • (a) (b) (c) | 2 • (a) (b) (c) (d) | 3 • (a) (b) (c) (d) (e) (f) (g) | 4 • (a) (b) (c) (d) (e) | 5 • 5(a) Events of Default: 5(a)(i) Failure to Pay or Deliver 5(a)(ii) Breach of Agreement 5(a)(iii) Credit Support Default 5(a)(iv) Misrepresentation 5(a)(v) Default Under Specified Transaction 5(a)(vi) Cross Default 5(a)(vii) Bankruptcy 5(a)(viii) Merger Without Assumption 5(b) Termination Events: 5(b)(i) Illegality 5(b)(ii) Force Majeure Event 5(b)(iii) Tax Event 5(b)(iv) Tax Event Upon Merger 5(b)(v) Credit Event Upon Merger 5(b)(vi) Additional Termination Event (c) (d) (e) | 6 • (a) (b) (c) (d) (e) (f) | 7 | 8 • (a) (b) (c) (d) | 9 • (a) (b) (c) (d) (e) (f) (g) (h) | 10 | 11 | 12 • (a) (b) | 13 • (a) (b) (c) (d) | 14 |

Index: Click ᐅ to expand:
2002 ISDA
1992 ISDA

Overview

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No change between Section 3(e) of the 1992 ISDA and Section 3(e) of the 2002 ISDA. To be fair, what’s there to change?

Summary

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You’ll find the usual form of the Payer Tax Representations by clicking on that blue link. They live in Part 2 of the Schedule.

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  • The JC’s famous Nutshell™ summary of this clause
  • A canter through the withholding terms under the ISDA, TLDR style.

See also

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References

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