Template:GTMA Master Agreement 2004 12.1.8

12.1.8 (Default under Relevant Transaction) the Party or any Credit Support Provider of the Party:

12.1.8(a) defaults under a Relevant Transaction and, after giving effect to any applicable notice requirement or grace period, there occurs a liquidation of, an acceleration of obligations under, or an early termination of, that Relevant Transaction;

12.1.8(b) defaults (a) in making any payment due on the last date for that payment under the Relevant Transaction; or (b) in making any payment on early termination of a Relevant Transaction, after giving effect to any applicable notice requirement or grace period or, in each case where there is no applicable notice requirement or grace period, where that default continues for at least 3 Banking Days; or

12.1.8(c) disaffirms, disclaims, repudiates or rejects, in whole or in part, a Relevant Transaction (or that action is taken by any person or entity appointed or empowered to operate it or act on its behalf); or