Template:Nutshell 2002 ISDA 5(b)(iii): Difference between revisions

Template:Nutshell 2002 ISDA 5(b)(iii) (view source)

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-:[[Tax Event - ISDA Provision|5(b)(iii)]]  '''{{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:
+:[[Tax Event - ISDA Provision|5(b)(iii)]]  '''{{isdaprov|Tax Event}}''' It will be a {{isdaprov|Termination Event}} when, 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
+::(1) [[Gross up]] an {{isdaprov|Indemnifiable Tax}} deduction (other than for interest under Section {{isdaprov|9(h)}}); or <br>
-::(2) receive a payment net of {{isdaprov|Tax}} which the {{isdaprov|Non-Affected Party}} is not required to [[gross up]].
+::(2) receive a payment net of {{isdaprov|Tax}} which the {{isdaprov|Non-Affected Party}} is not required to [[gross up]] (other than where it is caused by the {{isdaprov|Non-Affected Party}}’s own omission or breach). <br>