Template:M summ 2002 ISDA 5(a)(ii)

Double negative heaven in 5(a)(ii)(1): not complying with an obligation that is not (inter alia) a payment obligation if not remedied within a month.

A failure to perform any agreement, if not cured within 30 days, is an Event of Default, except for

(i) those failures who have their own special Event of Default (ie Failure to Pay or Deliver under Section 5(a)(i)) or

(ii) those that relate to tax, and which mean the party not complying will just get clipped for tax it rather would not.

Failure to Pay or Deliver carve-out

Why is Section 5(a)(i) specifically carved out? No good reason other than general ISDA neurosis/delight in over-communicating. Yes, it has its own separate Event of Default, with a much tighter timeline, so in practice one would never realistically trigger a failure to pay as a 5(a)(ii) event, but it is still a bit fussy carving it out.

ISDA™. Never knowingly outfussed.™

It is an Event of Default not to supply documents for delivery

A failure to Furnish Specified Information — ie those documents for delivery specified in Part 3 of the ISDA Master Agreement, adverted to in Section 4(a)(ii) will therefore be an Event of Default, although you have to navigate a needlessly tortured string of clause cross references and double negatives to settle upon this conclusion.