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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.
Copyright © 2012, Campbell R. Harvey. All Rights Reserved.


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.
Farlex Financial Dictionary. © 2012 Farlex, Inc. All Rights Reserved


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.
Wall Street Words: An A to Z Guide to Investment Terms for Today's Investor by David L. Scott. Copyright © 2003 by Houghton Mifflin Company. Published by Houghton Mifflin Company. All rights reserved. All rights reserved.


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.

Dictionary of Financial Terms. Copyright © 2008 Lightbulb Press, Inc. All Rights Reserved.


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.

The Complete Real Estate Encyclopedia by Denise L. Evans, JD & O. William Evans, JD. Copyright © 2007 by The McGraw-Hill Companies, Inc.


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.

The Mortgage Encyclopedia. Copyright © 2004 by Jack Guttentag. Used with permission of The McGraw-Hill Companies, Inc.
References in periodicals archive ?
Accordingly, it would come nearer the truth to say that what is commonly referred to simply as the implied reader is usually what I propose to call the default reader, exhibiting certain default characteristics or default settings. These default settings touch upon aspects of crucial importance for our identity as human beings, such as ethnicity, belief systems, health and able-bodiedness, and, last but not least, sexuality.
The study samples were routine patient specimens that had a differential WBC count ordered by the clinician and a microscopic slide reviewed because one or more of the 5 flags of interest was triggered at the factory default settings.
The system will offer only two active chassis settings, comfort and sport, says Baldwin, with comfort as the default setting.
To address these competitive concerns the Commission said that the three groups had provided a guarantee to ensure that the default portal could be changed if the consumer wished, allowing the consumer to access a third party portal, change the default portal themselves or authorise a third party portal operator to change the default setting for them.
My greatest concern is that the default setting allows students to create line graphs that use more than one symbol, which suggests, incorrectly, that line graphs compare different variables, not changes in one variable over time.
They should teach children that watching television is a choice - not a default setting - and that no one has to watch a lousy show because nothing better is on.
A Twitter user, Rohit Pradhan said that default setting means nothing as long as people can change it to desirable temperatures and it is good to educate people on optimum settings.
However, Ashley Madison's system apparently does not work as advertised thanks to a default setting.
Iyon ang aking tinatawag na default setting," (I am only thinking of seeking reelection in the Senate.
TIM Easterby's default setting might be Yorkshire understatement, but his broad smile at Beverley was as revealing as any narrative in Flat racing this week.
You get told you are worthwhile enough times and it becomes your default setting and you can deal with anything.
And if announcers aren't there to boost the players' confidence, I don't see why enthusiastic is their default setting when sarcastic would be much more entertaining.