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default

   Also found in: Dictionary/thesaurus, Medical, Legal, Encyclopedia, Wikipedia, Hutchinson 0.04 sec.
Default
1. The failure to promptly pay interest or principal when due.

2. The failure to perform on a futures contract as required by an exchange.

Notes:
If you can't make the monthly loan service payments then you are said to have "defaulted" on the loan.

Default
The failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bond indenture. A breach of a covenant. In context of project financing, a technical default signals a project parameter is outside defined or agreed limits or a legal matter is not yet resolved.
default
The failure to live up to the terms of a contract. Generally, default is used to indicate the inability of a borrower to pay the interest or principal on a debt when it is due. See also technical default.
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