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First they introduce a default function \\(\\gamma_M(t)\\) of a local martingale \\(M\\) by \\(\\gamma_M (t)= EM_0-EM_t\\) and note that a local martingale is a martingale if and only if \\(\\gamma_M(T)=0\\) for every bounded stopping time \\(T\\). Assume now that the local martingale \\(M\\) is continuous and \\(T\\) is a finite stopping time such that the process \\((M^T)^-\\) belongs to class \\(D\\). Then they show that  \\[ E\\bigl[ M_T\\mathbf{1}_{\\{\\sup_{t\\leq T}M_t< x\\}}\\bigr] +xP\\left(\\sup_{t\\leq T}M_t\\geq x\\right)+ E(M_0-x)^+ =EM_0, \\]  and the following default formula holds  \\[ \\lim_{x\\to \\infty} xP \\left(\\sup_{t\\leq T}M_t\\geq x\\right)= \\gamma_M(T). \\]  The authors give analogous results for continuous semi-martingales and apply these results to study the integrability of functionals of local martingales. They also describe the default functions of Bessel processes and radial Ornstein-Uhlenbeck processes in relation to their first hitting and last exit 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