In the case of severe market condition, and Strategy does not pay interest on STRC, missed payments accrue in value, increasing the liquidation preference.
In such condition, the yields of sUSDat will also stop and accrue yield simultaneously. As soon as Strategy reinstate the yield, this yield will show up in the exchange rate between USDat and sUSDat.
No default occurs because STRC is cumulative perpetual preferred equity. However, STRC price could depeg until Strategy reinstates its dividends.