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 ) shall be liquidated and closedout 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 