Both could very likely get lower interest rates from private lenders if those lenders got the promise of a part-gold payment in the event of default.

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When lots of similar receivables are bundled together in an asset-backed security, the average rates of default, late payment and pre-payment are predictable, so both issuers and investors can be relatively confident of their ability to value the security properly.

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Aron said no, declared Semgroup in default on its contracts and demanded immediate payment of losses.

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The deal, in theory, avoids the possibility of a imminent default on US payment obligations and lets Republicans off the hook.

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But there seem to be no clauses in the prospectuses for Greek government bonds that would trigger accelerated payment of the rest of what's owed on any particular bond in default or that would put other bonds into default: in the jargon, there are no accelerated payment or cross-default clauses.

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If the Big Three defaulted on their debts, holders of credit default swaps--which in recent years have grown like toxic weeds--would demand payment from those who wrote the insurance on the automakers' bonds.

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