Payer Tax Representation - ISDA Provision: Difference between revisions

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Payer Tax Representation - ISDA Provision (view source)

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{{fullanat2|isda|3(e)|2002|3(e)|1992}}
{{newisdamanual|3(e)}}
====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.}}
 
{{withholding under ISDA}}
 
====See Also====
*{{isdaprov|Tax}}
*{{isdaprov|Gross-Up}}
*{{isdaprov|Furnish Specified Information}}
{{isdaanatomy}}
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