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(ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; (iii) the initiation by the Security Issuer of any proceedings seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights; or (iv) if not otherwise addressed in (iii), the passage of thirty (30) calendar days since the day upon which any person or entity initiates any proceedings against the Security Issuer seeking a judgment of insolvency or bankruptcy or seeking relief under bankruptcy or insolvency laws or similar laws affecting creditor's rights and such proceeding has not been dismissed prior to such thirtieth day.", "size": 6, "samples": [{"hash": "7stziNbPvTK", "uri": "/contracts/7stziNbPvTK#security-default", "label": "Trust Agreement (MSDW Structured Asset Corp)", "score": 18.0, "published": true}, {"hash": "5B1VWAMg31g", "uri": "/contracts/5B1VWAMg31g#security-default", "label": "Trust Agreement (MSDW Structured  Saturns Series 2002-10)", "score": 18.0, "published": true}, {"hash": "2ST3asXU3nd", "uri": "/contracts/2ST3asXU3nd#security-default", "label": "Trust Agreement (MS Structured Asset Corp)", "score": 18.0, "published": true}], "snippet_links": [{"key": "outstanding-securities", "type": "definition", "offset": [63, 85]}, {"key": "terms-of-the-securities", "type": "definition", "offset": [96, 119]}, {"key": "applicable-security-agreement", "type": "definition", "offset": [131, 160]}, {"key": "failure-to-pay", "type": "definition", "offset": [165, 179]}, {"key": "accelerated-amount", "type": "definition", "offset": [184, 202]}, {"key": "acceleration-date", "type": "definition", "offset": [210, 227]}, {"key": "security-issuer", "type": "definition", "offset": [253, 268]}, {"key": "principal-of", "type": "definition", "offset": [294, 306]}, {"key": "amount-of-interest-due", "type": "clause", "offset": [315, 337]}, {"key": "due-date", "type": "definition", "offset": [367, 375]}, {"key": "expiration-of", "type": "clause", "offset": [398, 411]}, {"key": "applicable-grace-period", "type": "definition", "offset": [416, 439]}, {"key": "insolvency-or-bankruptcy", "type": "clause", "offset": [526, 550]}, {"key": "bankruptcy-or-insolvency-laws", "type": "definition", "offset": [575, 604]}, {"key": "similar-laws", "type": "definition", "offset": [608, 620]}, {"key": "calendar-days", "type": "clause", "offset": [722, 735]}, {"key": "the-day", "type": "definition", "offset": [742, 749]}, {"key": "person-or-entity", "type": "definition", "offset": [765, 781]}, {"key": "prior-to", "type": "clause", "offset": [1024, 1032]}], "hash": "fb8f51e2b51816786dec599fe09a376c", "id": 6}, {"snippet": "The definition of Security Default in the Standard Terms shall not apply. A \"Security Default\" shall mean one of the following events: (i) the acceleration of the outstanding Securities under the terms of the Securities and/or the applicable Security Agreement, (ii) the failure of the Security Issuer to pay an installment of principal of, or any amount of interest due on, the Securities after the due date thereof and after the expiration of any applicable grace period; or (iii) the occurrence of certain events of default under such Securities and/or Security Agreement relating to the insolvency or bankruptcy of the Security Issuer. Sale of Securities If the Trust must sell the Securities it holds, the Trust will sell the Securities through the Selling Agent in accordance with Section 9.03(b) and the following terms. The Selling Agent will solicit bids for all of the Securities held by the Trust from at least three registered broker-dealers of national reputation, one of which shall be the Selling Agent. The Selling Agent will, on behalf of the Trust, sell the Securities at the highest bid price received. 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"id": "security-default", "examples": ["Notwithstanding the foregoing, in the event that a Financial <strong>Security Default</strong> shall have occurred and be continuing, the Trustee shall be the Controlling Party with respect to such Series until the applicable Trustee Termination Date.", "If a Underlying <strong>Security Default</strong> occurs on or prior to the first Distribution Date and the Depositor does not receive such Retained Interest amount in connection with such Distribution Date, the Depositor will have a claim for such Retained Interest, and will share pro rata with holders of the Units to the extent of such claim in the proceeds from the recovery on the Underlying Securities.", "In such event, the Capital Securities will continue to accrue and pay interest in accordance with their terms and such postponement will not constitute a Capital <strong>Security Default</strong>.", "If prior to an Insurer Termination Date the Trustee shall have become the Controlling Party as a result of the occurrence of a Financial <strong>Security Default</strong> and either such Financial <strong>Security Default</strong> is cured or for any other reason ceases to exist or the Trustee Termination Date occurs, then upon such cure or other cessation or on such Trustee Termination Date, as the case may be, Financial Security shall, upon notice thereof being duly given to the Collateral Agent, again be the Controlling Party.", "If a <strong>Security Default</strong> occurs on or prior to the first Distribution Date and the Depositor does not receive such Retained Interest amount in connection with such Distribution Date, the Depositor will have a claim for such Retained Interest, and will share pro rata with holders of the Units to the extent of such claim in the proceeds from the recovery on the Securities.", "In such event, the Perpetual Subordinated Capital Securities of such series will remain Outstanding and will continue to accrue and pay interest in accordance with their terms, and such postponement of the Redemption Date will not constitute a Capital <strong>Security Default</strong>.", "Notwithstanding the foregoing, in the event that a Financial <strong>Security Default</strong> shall have occurred and be continuing, the Trustee shall be the Controlling Party until the applicable Trustee Termination Date.", "It shall not be a Payment Event, Payment Default or Capital <strong>Security Default</strong> if such sums were not paid in order to comply with a statute, regulation or order of any court of competent jurisdiction.", "Accordingly, no such deferral will constitute a Payment Default, Capital <strong>Security Default</strong>, Payment Event or an Event of Default under Section 5.03 hereof with respect to such Securities.", "No delay or omission of the Subordinated Trustee for the Securities of any series or of any Holder of any Security of such series to exercise any right or remedy accruing upon any Event of Default, Payment Default, Perpetual <strong>Security Default</strong> or Payment Event with respect to the Securities of such series shall impair any such right or remedy or constitute a waiver of any such Event of Default, Payment Default, Perpetual <strong>Security Default</strong> or Payment Event or an acquiescence therein."], "related": [["bankruptcy-default", "Bankruptcy Default", "Bankruptcy Default"], ["authority-default", "Authority Default", "Authority Default"], ["swap-default", "Swap Default", "Swap Default"], ["bank-default", "Bank Default", "Bank Default"], ["collateral-event-of-default", "Collateral Event of Default", "Collateral Event of Default"]], "related_snippets": [], "updated": "2025-07-06T21:58:36+00:00"}, "json": true, "cursor": ""}}