Hedge Fund Glossary

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Default

the beginning of trouble. Indentures and Credit Agreements generally have three stages of trouble: the Default, the Event of Default and acceleration. At stage one, the Default, the Issuer or Borrower has violated some provision of the Indenture or Credit Agreement. Left uncured for a specified period of time, together (in some cases) with notice from a disgruntled Lender or Bondholder, a Default will mature into an Event of Default (and the story continues in that definition).

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