Template:ISDA English Law Credit Support Deed 2018 7

7 Default
For the purposes of Section 5(a)(iii)(1) of the Agreement, an Event of Default will exist with respect to a party if:

(i) as Chargor, that party fails to make, when due, any transfer of Eligible Credit Support (IM), required to be made by the Chargor and that failure continues for two Local Business Days after notice of that failure is given to that party;

(ii) as Secured Party, that party fails to instruct the Custodian (IM) before the relevant time to transfer Posted Credit Support (IM) in order to comply with its obligations hereunder and that failure continues for two Local Business Days after notice of that failure is given to that party; or

(iii) that party fails to comply with or perform any agreement or obligation other than those specified in Paragraphs 7(i) and 7(ii) above and that failure continues for 30 days after notice of that failure is given to that party,

provided that, if Custodian Event is specified as applicable in Paragraph 13, any event or circumstance that constitutes or gives rise to a Custodian Event will not constitute or give rise to such Event of Default.