Section 48Z(2)

A Type 1 default event provision is a provision of a contract or other agreement that has the effect that if a specified event occurs or situation arises— the agreement is terminated, modified or replaced, rights or duties under the agreement are terminated, modified or replaced, a right accrues to terminate, modify or replace the agreement, a right accrues to terminate, modify or replace rights or duties under the agreement, a sum becomes payable or ceases to be payable, delivery of anything becomes due or ceases to be due, a right to claim a payment or delivery accrues, changes or lapses, any other right accrues, changes or lapses, or an interest is created, changes or lapses.

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Source: legislation.gov.uk · retrieved 2026-09-04