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The Loan Market Association (LMA) published a note: ‘2014 Summary Note on FATCA’ on 9 June 2014. This replaces the May 2013 note. The note explains the rationalising of the drafting as the 1 July 2014 deadline for implementation approaches. The note includes an explanation of the following issues.
The note explains that the investment grade facility agreements now contains language for FATCA on the basis of an agent in a jurisdiction with a Model I intergovernmental Agreement (IGA) in place but that is not a qualified intermediary. The language is set out in annex 1 to the note.
Other approaches are set out in riders 1 and 2.
The investment grade facility agreements include provisions which were in rider 3 of the previous LMA Note on FATCA and cover the right to withhold but not to gross up. This is on the assumption that the party is FATCA compliant within the required timeframe. If it is not, there is a risk that it would receive pay
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