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Talk:Deduction or Withholding for Tax - ISDA Provision: Difference between revisions
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Talk:Deduction or Withholding for Tax - ISDA Provision (view source)
Revision as of 22:55, 27 March 2020
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(A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or | (A) the failure by Y to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d); or | ||
(B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for | (B) the failure of a representation made by Y pursuant to Section 3(f) to be accurate and true unless such failure would not have occurred but for (I) any action taken by a taxing authority, or brought in a court of competent jurisdiction, on or after the date on which a Transaction is entered into (regardless of whether such action is taken or brought with respect to a party to this Agreement) or (II) a Change in Tax Law. | ||
2(d)(ii) Liability. If:― | 2(d)(ii) Liability. If:― | ||
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(2) X does not so deduct or withhold; and | (2) X does not so deduct or withhold; and | ||
(3) a liability resulting from such Tax is assessed directly against X, | (3) a liability resulting from such Tax is assessed directly against X, | ||
then, except to the extent Y has satisfied or then satisfies the liability resulting from such Tax, Y will promptly pay to X the amount of such liability (including any related liability for interest, but including any related liability for penalties only if Y has failed to comply with or perform any agreement contained in Section 4(a)(i), 4(a)(iii) or 4(d)). | |||