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Old 10-16-2013, 03:35 PM   #119
AustinChief AustinChief is offline
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Join Date: Aug 2000
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Quote:
Originally Posted by Amnorix View Post
Your language is confusing me because you're using terms of art that have a specific meaning, but not in the right way. There are two types of defaults on debt obligations -- (1) payment default (or "debt service default") and (2) covenant default (or "technical default"). Payment default is a failure to pay interest or principal when due (after the lapsing of any applicable grace period). Covenant default is any other failure to comply with the obligations of the contract by which the debt was incurred.

Best to avoid referring to "technical default" in the manner you have been. Just call it a default. "It's not a default if we decide not to pay the FBI or whatever" is fine.
Oh I agree. I am only using that term because earlier KCNative tried to use that term to include any and all "shit we normally pay for."

Hell if we expand technical default to be that inclusive (as he wants to make it) then we are CURRENTLY in technical default because of the govt shutdown.
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