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Around €7.4bn will be initially disbursed so that Greece can honour debt repayments that mature mostly to the European Central Bank.
But, it only refers to a failure to pay creditors (honour debt obligations) and not on payments in general.
Greece and its creditors must reach a deal within weeks to unlock bailout funds needed to honour debt repayments.
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Within the world of wealth management, being obliged to honour debts, pay the costs of government, and otherwise obey the laws of the land are often seen as offences to liberty.
Most of the €7.5bn will be spent honouring debt instalments and government arrears.
"Honouring debts is not only a constitutional but also a moral obligation," Alejandro Padilla, the governor, told investors earlier this month.Yet politically it may be tough to gratify bondholders if police, doctors and teachers go unpaid.
This month Halla Heavy Engineering and Industries, the most troubled affiliate of the Halla Group, failed to start honouring debts and interest payments, as it had agreed to do when it received bankruptcy protection in December 1997.
They have recently indicated that they would honour existing debt contracts.
If he fails to honour his debt, the bank takes the land.
Only pay money to someone you are confident can and will honour a debt.
Those acting for Kaupthing fear that, should ITG's appeal fail, then Investec will not honour the debt owed to Kaupthing creditors.
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CEO of Professional Science Editing for Scientists @ prosciediting.com