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.