Common use of Liquidation Events Clause in Contracts

Liquidation Events. (a) Unless a Trust Wind-Up Event has also occurred and unless otherwise provided in the Trust Agreement (each such event below, a "Liquidation Event"): (i) In the event that (i) an Underlying Security Default occurs with respect to any Underlying Security or (ii) any Underlying Security held by the Trust becomes a Disqualified Underlying Security, then the Trust shall sell such Underlying Security and, if necessary, shall sell other Trust Property to the extent necessary to pay any Swap Termination Payment. (ii) In the event that any Swap Default or Termination Event occurs under any Transaction (including if such Transaction becomes a Disqualified Transaction), and such Transaction is terminated, the Trust shall sell any Affected Underlying Securities and, if necessary, shall sell other Trust Property to the extent necessary to pay any related Swap Termination Payment, and (iii) In the event that any Credit Support becomes Disqualified Credit Support, then such Credit Support shall be terminated. (b) Unless otherwise specified in the Trust Agreement, the Trust shall distribute any net proceeds to the Trust from a Liquidation Event to the Unitholders pro rata or in such other proportion as specified in the Trust Agreement. (c) The Trust shall continue thereafter.

Liquidation Events. (a) Unless a Trust Wind-Up Event has also occurred and unless otherwise provided in the Trust Agreement (each such event below, a "“Liquidation Event"”): (i) In the event that (i) an Underlying Security Default occurs with respect to any Underlying Security or (ii) any Underlying Security held by the Trust becomes a Disqualified Underlying Security, then the Trust shall sell such Underlying Security and, if necessary, shall sell other Trust Property to the extent necessary to pay any Swap Termination Payment. (ii) In the event that any Swap Default or Termination Event occurs under any Transaction (including if the Swap Counterparty for such Transaction becomes a Disqualified TransactionSwap Counterparty), and such Transaction is terminated, the Trust shall sell any Affected Underlying Securities and, if necessary, shall sell other Trust Property to the extent necessary to pay any related Swap Termination Payment, and (iii) In the event that any Credit Support becomes Disqualified Credit Support, then such Credit Support shall be terminated. (b) Unless otherwise specified in the Trust Agreement, the Trust shall distribute any net proceeds to the Trust from a Liquidation Event to the Unitholders pro rata or in such other proportion as specified in the Trust Agreement. (c) The Trust shall continue thereafter.