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{{isdasnap|Tax Event}} | {{isdasnap|Tax Event}} | ||
{{isdasnap2|5(b)(ii)|5(b)(iii)}} | {{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: | 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 | {{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}} | {{isdaanatomy}} |