(1) In this section "default event provision" means a Type 1 or Type 2 default event provision as defined in subsections (2) and (3).
(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 -
(a) the agreement is terminated, modified or replaced,
(b) rights or duties under the agreement are terminated, modified or replaced,
(c) a right accrues to terminate, modify or replace the agreement,
(d) a right accrues to terminate, modify or replace rights or duties under the agreement,
(e) a sum becomes payable or ceases to be payable,
(f) delivery of anything becomes due or ceases to be due,
(g) a right to claim a payment or delivery accrues, changes or lapses,
(h) any other right accrues, changes or lapses, or
(i) an interest is created, changes or lapses.
(a) takes effect only if a specified event occurs or does not occur,
(b) takes effect only if a specified situation arises or does n