Template:M summ OSLA 12

Note by contrast to the ISDA Master Agreement the Event of Default is only an Event of Default upon written notice to the other party: in the ISDA Master Agreement it is an Event of Default in itself, and it gives rise to a non-defaulting party’s right designate a termination event.

A subtle difference but one which calls for a little bit of caution: for example, a party may have failed to pay or deliver: if you want to simply remind the defaulting party to make the payment without inadvertently triggering a termination, you need to be careful about how you do that so as to not trigger!