Default

(redirected from control panel)
Also found in: Dictionary, Thesaurus, Medical, Legal, Acronyms, Encyclopedia, Wikipedia.

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 make payments on a debt. One may default on any debt, such as a mortgage or a bond. Default is a very serious matter and may entitle the lender or bondholder to take possession of one's assets in order to recover the amount lost in principal and interest payments on the debt. Default also has a negative impact on one's creditworthiness in the future.

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.

Default.

If a person or institution responsible for repaying a loan or making an interest payment fails to meet that obligation on time, that person or institution is in default.

If you are in default, you may lose any property that you put up as collateral to get the loan. For example, if you fail to repay your car loan, your lender may repossess the car.

Defaulting has a negative impact on your credit history and your credit score, which generally makes it difficult to borrow again in the future. In fact, failure to pay on time is the single most important contributor to a poor credit history.

A bond issuer who defaults may not pay interest when it comes due or repay the principal at maturity, or both.

default

The failure to meet one's obligations in a timely manner. There are several important concepts relating to defaults in the real estate field:

• Leases and mortgages often differentiate between monetary defaults, such as failure to pay money when due, and nonmonetary defaults such as a failure to provide proof of insurance or copies of monthly financial statements. If so, there will be different notice provisions and grace periods for each.

• Unless a sale contract contains language that “time is of the essence,” or one party has made the other aware that time is critical, then a court will ordinarily award a purchaser a reasonable amount of time to complete closing, even if it is past the contract date.

• Some states have statutes allowing collection of attorneys' fees when there has been a default in the contract. Other states require specific language in the contract allowing for collection of attorneys' fees.

Default

Failure of the borrower to honor the terms of the loan agreement.

Lenders usually view borrowers delinquent 90 days or more as in default.

See Payment Problems.

References in periodicals archive ?
NET is offering their customers access to SmarterMail management through their Open Control Panel," said Tim Uzzanti, CEO of SmarterTools.
Pumpic Control Panel Mobile App is fully compatible with Android smartphones (version 4.
WHM/cPanel and Plesk control panel are leading control panels in web hosting industry.
For the integrated control panel (ICP) of the 1997 Ford Escort and Mercury Tracer, in-mold decorating provided Ford Motor Co.
And, with a staff of engineers available Quantum can provide a level of support above and beyond the purchase of the control panel alone.
The MET Listed Industrial Control Panel program is straightforward.
Connected to the main control panel by a fiber-optic cable, the hand-held pendant is said to allow convenient setup and operation of the robot while the control box is kept in an out-of-the-way location.
In addition to per minute discounts, FreedomVOICE Systems also provides a free Internet control panel for each Collection Center called WebLINK.
1 ea extend access control cable from guard station to new access control panel 1 ea extend 120 vac poewr cabling from guard station to new access control panel 1 ea provide and install new conduit from guard station to the new access control panel 1 ea provide new network switch to connect to the existing finber connection back to the administration building.
The platform's proprietary Cortex(SM) control panel allows gamers to customize settings for multiple games through a single, user-friendly online interface.
In addition, PANDUIT provides the expertise and tools for control panel design and installation.
Tenders are invited for Pitchess Detention Center Water Softener Plc Control Panel - PDC-DESIGN/INSTALL CONTROL PANEL-MANDATORY JOB WALK 02/25/15