Then on May 25, he says that we have an August 22 default date.

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The kicker is that a confession of judgment typically includes a paragraph that introduces an escalated interest rate from the date of default.

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But there is no evidence that the bonds would have a higher risk of default as they got closer to the maturity date.

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Clearnet, the intermediary between MF Global and the ultimate but as yet unknown counterparties to the trades, set the expiration date short to avoid the risk of default by sovereigns.

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Banks will seize such virtual assets in case of a default, or renegotiate the terms of a loan if a company misses a launch date, a sales target or an expected follow-on round of venture capital.

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One reason for the growth: They are among the few permissible "default options" in many retirement plans, so investors may have their savings in target-date funds without actively choosing them.

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The country has a gargantuan amount of debt coming due on that date that it will need to refinance, and the lack of a bailout package would ensure a messy default.

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