### Question
How does TRUST INDENTURES define default?


### Answer
Under *15 U.S.C. § 77kkk*, **default** is defined as:

> any failure to make payment in full of principal or interest, when and as the same becomes due and payable, under any indenture which has been qualified under this subchapter, and under which the indenture trustee is trustee and the person of whom the indenture trustee is directly or indirectly a creditor is an obligor

#### Citation:
  - *15 U.S.C. § 77kkk*
  - Heading: **CHAPTER 2A-SECURITIES AND TRUST INDENTURES > SUBCHAPTER III-TRUST INDENTURES**

