27.11 CDS Rate continued When default can happen at any time this becomes T q(o()+()]+x(T) Options, Futures, and other Derivatives, 5th edition 2002 by John C. HullOptions, Futures, and Other Derivatives, 5th edition © 2002 by John C. Hull 27.11 CDS Rate continued When default can happen at any time this becomes ( ) ( ) ( ) ( ) ( ) ( ) ( ) 0 0 T 1 垐 T q t v t R A t R dt s q t u t e t dt u T    − −   =   + +    