Tax Event - ISDA Provision: Difference between revisions

Tax Event - ISDA Provision (view source)

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 {{isdasnap|Tax Event}}
 {{isdasnap2|5(b)(ii)|5(b)(iii)}}
+===Commentary===
 Note, unhelpfully, the subpara reference in the {{1992ma}} is (1) and (2) and in the {{2002ma}} is (A) and (B). Note, also unhelpfully, that this paragraph is a bastard to understand. Let's have a look then:
-{{quote|A "'''{{isdaprov|Tax Event}}'''" is a {{isdaprov|Termination Event}} whereby, following a change in tax law or practice after the trade date of a {{isdaprov|Transaction}}, an "{{isdaprov|Affected Party}}" is likely to have to (1) [[Gross Up]] an {{isdaprov|Indemnifiable Tax}} deduction or (2) receive a payment net of {{isdaprov|Tax}} which is not required to be Grossed Up by the {{isdaprov|Non-Affected Party}}}}
+{{quote|A "'''{{isdaprov|Tax Event}}'''" is a {{isdaprov|Termination Event}} whereby, following a change in tax law or practice after any trade date, an "{{isdaprov|Affected Party}}" is likely to have to either
+:(1) [[Gross Up]] an {{isdaprov|Indemnifiable Tax}} deduction or
+:(2) receive a payment net of {{isdaprov|Tax}} which the {{isdaprov|Non-Affected Party}} is not required to Gross Up.}}
+Not such a bastard after all, then.
 {{isdaanatomy}}