Is it just me or is there no "Event of default" clause to these? They state that there is a maturity date, which is automatically extended unless terminated, but again not explanation of the creditors rights on default. Speaking of maturity what exactly happens at that date? Do you get your principal back? No explanation of what happens then either. Seems like everyone is trying to end around securities law. I'll stick to my dividend paying ETFs.

Edit: Read the white paper more in depth. Principal paid at maturity.

Edit2: Seems kinda similar to an ETN (exchange traded note)