Should : ( a ) a default termination occur under any netting agreement , or ( b ) an event that is defined as an event of default or other analogous event under any netting agreement occur , which event would , assuming there were outstanding transactions under any such netting agreement , result in , or entitle the ECB to take steps which would result in , a default termination under such netting agreement , ( any such event under ( a ) or ( b ) above is referred to in this Appendix as an « event of default ') , then all transactions to which this Appendix applies ( but not less than all , unless any such transaction may not be so closed out under applicable law ) under which obligations have or would otherwise have fallen due by or after the date of such event of default ( the « close out date ') may by notice in writing from the ECB to the Counterparty be liquidated and closed-out as described under paragraphs 3 and 4 of this Appendix , and the ECB shall , without prejudice to paragraphs 3 and 4 of this Appendix , not be obliged to make any further payments or deliveries under any such transactions .
Should : a ) a default termination occur under any netting agreement , or b ) an event that is defined as an event of default or other analogous event under any netting agreement occur , event would , assuming there were outstanding transactions under any such netting agreement , result in , or the ECB to take steps which would result in , a default termination under such netting agreement , ( any such event under ( a ) or ( b ) above is referred to in this Appendix as an « event of default ') , then all transactions which this Appendix applies ( but not less than all , unless any such transaction may not be so closed applicable law ) under which obligations have or would otherwise have fallen due by or after the date of such event default ( the « close out date ') may by notice in writing from the ECB to the Counterparty be liquidated and closed-out described under paragraphs 3 and 4 of this Appendix , and the ECB shall , without prejudice to paragraphs 3 this Appendix , not be obliged to make any further payments or deliveries under any such transactions .