Before revision:  In our credit risk model, the risk free short rate is a constant , the default event occurs in an expected  when the firm value reaches a certain lower threshold - the default barrier at predetermined discrete announcing dates or  unexpected manner at the first jump time of a Poisson process with given default intensity , respectively and default recovery is related to the firm value (endogenous recovery) .
After revision:  In our credit risk model, the risk free short rate is a constant , the default event occurs in an expected when the firm value reaches a certain lower threshold - the default barrier at predetermined discrete announcing dates or unexpected manner at the first jump time of a Poisson process with given default intensity given by a step function of time variable, respectively. We consider both endogenous and exogenous default recovery .