default
Definition 1
General: Failure to do something required by an agreement, in the performance of a duty, or under a law.
Definition 2
Borrowing: Failure to meet the terms of a loan agreement. Its two types are (1) Fiscal: Failure to make repayment on the due date. Generally, if a payment is 30 days overdue, the loan is in default. (2) Covenantal: Failure to live up to one or more covenants of the loan agreement such as exceeding the prescribed total borrowings.
Definition 3
Computing: Attribute, option, or value assumed by a computer when a user has not chosen or supplied any. Computer's choice is based on how the elements of a software or the settings of a hardware have been arranged by the manufacturer, or customized by the user.
Definition 4
Contractual: Failure to comply with the terms of a contract. Most contracts make provisions for handling defaults by including the conditions or procedures for arbitration, compensation, or litigation.
Definition 5
Legal: Failure to do something required under a legislation or as ordered by a court, such as not making an appearance to answer charges.
default is in the Agreements & Contracts, Banking, Commerce & Finance, Computer Hardware, Software, & Security and Corporate, Commercial, & General Law subjects.
default appears in the definitions of the following terms:
secured debt,
junk bond,
haircut,
direct credit substitute,
creditor,
parity clause,
junior mortgage,
secure bond,
letter of hypothecation,
sovereign debt rating
and
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