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Indemnifiable Tax - ISDA Provision: Difference between revisions
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{{isdaanat|Indemnifiable Tax}} | {{isdaanat|Indemnifiable Tax}} | ||
Without wishing to be overly negative<ref>All right, I ''do'' wish to be overly negative. It’s in my nature.</ref>, this one truly comes from the "wow" file in indefensible drafting: | |||
Without wishing to be overly negative, this one truly comes from the "wow" file in indefensible drafting: | |||
:... ''other than'' a tax which would ''not'' be imposed ''but for''... | :... ''other than'' a tax which would ''not'' be imposed ''but for''... | ||
Not only a triple negative, but since | Not only a [[triple negative]], but since ISDA’s definition of {{isdaprov|Tax}} already contains a negative (being any tax that isn’t a {{isdaprov|Stamp Tax}}) and “{{isdaprov|Indemnifiable Tax}}” is itself often used in the negative (e.g. “a tax which is [[not]] an {{isdaprov|Indemnifiable Tax}}”) — or even ''[[double negative]]'' (e.g. “''other than'' a tax which is not an {{isdaprov|Indemnifiable Tax}}”) in the body of the {{isdama}}. That makes it a '''''[[sextuple negative]]'''''. Quite a literary feat. | ||
{{Withholding under ISDA}} | {{Withholding under ISDA}} | ||
=== | ==={{isdaprov|Stamp Tax}}es=== | ||
{{isdaprov|Stamp Tax}}es are not {{isdaprov|Indemnifiable Taxes}}. They are covered by Section {{isdaprov|4(e)}} and not the general gross-up in Section {{isdaprov|2(d)}}. They are not covered by {{isdaprov|Payee Tax Representations}}. | |||
{{seealso}} | |||
*Section {{isdaprov|2(d)}} ({{isdaprov|Deduction or Withholding for Tax}}). | |||
{{ref}} | {{ref}} | ||