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Template:Nutshell 2002 ISDA 2(d)(i): Difference between revisions
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Template:Nutshell 2002 ISDA 2(d)(i) (view source)
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::(2) promptly pay the withheld amount to the relevant authorities (including the withholding on any required {{isdaprov|gross-up}}); | ::(2) promptly pay the withheld amount to the relevant authorities (including the withholding on any required {{isdaprov|gross-up}}); | ||
::(3) give the recipient a receipt for the tax payment; and | ::(3) give the recipient a receipt for the tax payment; and | ||
::(4) gross up any {{isdaprov|Indemnifiable Tax}}, so that the recipient receives the amount it would otherwise have received (free of {{isdaprov|Indemnifiable Taxes}}). | ::(4) gross up any {{isdaprov|Indemnifiable Tax}}, so that the recipient receives the amount it would otherwise have received (free of {{isdaprov|Indemnifiable Taxes}}). However, the payer need not gross up any [[Withholding tax|withholding]] that arose only because:— | ||
:::(A) the recipient did not provide Section {{isdaprov|4(a)}} tax information, or breached its {{isdaprov|Payee Tax Representations}}; or | :::(A) the recipient did not provide Section {{isdaprov|4(a)}} tax information, or breached its {{isdaprov|Payee Tax Representations}}; or | ||
:::(B) the recipient's {{isdaprov|Payee Tax Representations}} were | :::(B) the recipient's {{isdaprov|Payee Tax Representations}} were not true (other than because of regulatory action taken ''after'' execution of the {{isdaprov|Transaction}} or a {{isdaprov|Change in Tax Law}}. <br> | ||