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The default is to read the current input, take an fft, get the new amplitudes and phases (as the edit function default), then resynthesize using sines; so, the default case returns a resynthesis of the original input.
(Actually, that's more a case of a writer switching from adult juvenilia to pure juvenile).
To prove this, consider only one switching point, the case of a finite number of switching points follows similarly.
The county seized the center in May as part of a loan default case.
Bank of America has bought credit default protection on $1.5 billion of that, helping protecting the bank in the case of a default.
So did prices for credit default swaps, which amount to insurance premiums paid to protect bondholders in the case of a default.
The finite number of default case is non-trivial.
Firstly, bankruptcy costs are only incurred in the case of a default, while fire sales may also occur if there are no defaults in the system.
This means that in case of a default, the investor gets his principal and interest.
In the case of a default by the bank, bondholders have access to the underlying loans.
"It's a case of bait and switch".
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Since I tried Ludwig back in 2017, I have been constantly using it in both editing and translation. Ever since, I suggest it to my translators at ProSciEditing.

Justyna Jupowicz-Kozak
CEO of Professional Science Editing for Scientists @ prosciediting.com