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| {{fullanat2|isda|5(a)(i)|1992|5(a)(i)|2002}} | | {{newisdamanual|5(a)(i)}} |
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| {{isdaprov|Failure to Pay}} under Section {{isdaprov|5(a)(i)}} if the {{isdama}}: where a party fails to pay or deliver on time and does not remedy on or before the 3rd local business day (being the default under a {{1992ma}}, or the first business day after (under the {{2002isda}}) after notice. This requires:
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| *A [[failure to pay]], on day T;
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| *Notice of the failure (which by defintion can be validly given ''only after'' close on on the failure date and, by dint of Section {{isdaprov|12(a)}} ({{isdaprov|Notices}}), is deemed to be effective on the following business day, T+1)
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| *'''[[Grace Period]]''': After the notice is delivered, another one ({{2002isda}}) or three ({{1992isda}}) full business days (therefore to the end of T+2 (2002) or T+4 (1992))
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| *The termination may only be served after close at the expiry of the grace period, so therefore the first day on which a termination notice following a failure to pay {{isdaprov|Event of Default}} can be effective under an ISDA is T+3 ({{2002isda}}) or T+5 {{1992isda}}.
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