Default of payments on debts by a secured note may require the borrower to forfeit the items in lieu of payment.
"They started to seriously default on the payment of salaries in December 2009, and in the following year, 2010, for the first three months, they were not paying workers' salaries at all".
lost confidence in the "effectiveness, stability and predictability" of American political institutions because the Teapartistas showed that they were willing to cause our government to default on payment of Treasury bonds if they did not achieve their political goals — weakening the social safety net and protecting the rich from paying even one dollar more in taxes.
Having defaulted on six months of payments towards bonds and mortgages, the Charlottesville City and Suburban Railway was sold at public auction on November 10 , 1903 after which it was reorganized as the Charlottesville and Albemarle Railway.
Despite Bottomley's outward optimism, in December 1890 the company defaulted on the payment of debenture interest and in May 1891, amid growing rumours of insolvency, the debenture holders petitioned for the company's compulsory winding-up.
Greece has been on the brink of defaulting on a payment to the IMF for weeks, placing its future in the euro and the EU in grave doubt, and is now heading for a defining referendum next weekend which could truly lead to Grexit.
And a former chief economist with the Federal Communications Commission says that Mr. Webster's involvement with NextWave, a telecommunications company that defaulted on billions of dollars of payments to the F.C.C., should disqualify him from being the accounting board's chairman.
"The company has never defaulted on any payment of debt," the company said in a statement.
Javed Burki, a former Pakistani finance minister, said China had provided $500 million in balance-of-payments support in 1996, when Pakistan was on the brink of default.
A populist who often criticized President Carlos Menem's free-market reforms in the 1990's, Mr. Duhalde supported President Rodríguez Saá's unavoidable announcement last week that Argentina would default on payments of its crushing $132 billion foreign debt, the largest such default ever by a sovereign debtor.
While Governor Alejandro García Padilla has not yet implemented a temporary debt moratorium, many speculate he will soon because Puerto Rico is expected to default on a payment of nearly $2bn on 1 July.
