Section 48Z(3)

A Type 2 default event provision is a provision of a contract or other agreement that has the effect that a provision of the contract or agreement— takes effect only if a specified event occurs or does not occur, takes effect only if a specified situation arises or does not arise, has effect only for so long as a specified event does not occur, has effect only while a specified situation lasts, applies differently if a specified event occurs, applies differently if a specified situation arises, or applies differently while a specified situation lasts.

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