Definition of Default:
Legal: Failure to do something required under a legislation or as ordered by a court, such as not making an appearance to answer charges.
Fail to fulfill an obligation, especially to repay a loan or to appear in a court of law.
A default can occur on secured debt such as a mortgage loan secured by a house or a business loan secured by a company's assets. If an individual borrower fails to make timely mortgage payments, the loan could go into default. Similarly, if a business issues bonds—essentially borrowing from investors—and it's unable to make coupon payments to its bondholders, the business is in default on its bonds. A default has adverse effects on the borrower's credit and ability to borrow in the future.
Default is the failure to repay a debt including interest or principal on a loan or security. A default can occur when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments. Individuals, businesses, and even countries can fall prey to default if they cannot keep up their debt obligations. Default risks are often calculated well in advance by creditors.
Computing: Attribute, option, or value assumed by a computer when a user has not chosen or supplied any. Computers 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.
A preselected option adopted by a computer program or other mechanism when no alternative is specified by the user or programmer.
Failure to fulfill an obligation, especially to repay a loan or appear in a court of law.
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.
(of a computer program or other mechanism) revert automatically to (a preselected option).
General: Failure to do something required by an agreement, in the performance of a duty, or under a law.
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.
Synonyms of Default
Revert, Non-payment, Failure to pay, Non-remittance, Fail to pay, Not pay, Renege, Fail to honour, Back out, Backtrack, Backslide, AWOL, French leave, Abscondence, Absence, Absence without leave, Absentation, Absenteeism, Absenting, Arrear, Arrearage, Arrears, Back debts, Back payments, Bad debt, Be absent, Be bereaved of, Be caught napping, Be neglectful, Be negligent, Bouncing check, Come up short, Culpa, Culpable negligence, Cut, Day off, Dearth, Decline, Defalcation, Defect, Defection, Defectiveness, Deferred payments, Deficiency, Deficit, Deficit financing, Delinquence, Delinquency, Departure, Dereliction, Disallow, Disappearance, Disconformity, Dishonor, Dishonoring, Disregard, Dollar gap, Drop, Escape, Excused absence, Fail, Fail to appear, Failure, Fall short, Falling short, Fault, Fleeing, Forfeit, Furlough, Gloss over, Go astray from, Holiday, Hooky, Ignore, Imperfection, Inaction, Inadequacy, Inadvertence, Inadvertency, Inattention, Incur loss, Inferiority, Inobservance, Insufficiency, Keep away, Kiss good-bye, Laches, Lack, Laissez-faire, Lapse, Laxity, Laxness, Leave, Leave of absence, Leaving, Let go, Let ride, Let slide, Let slip, Levant, Looseness, Lose, Lose out, Lose sight of, Lose track of, Mislay, Misplace, Miss, Neglect, Neglectfulness, Negligence, Nod, Nonadherence, Nonappearance, Nonattendance, Noncompliance, Nonconformance, Nonconformity, Nondischarge of debts, Nonfeasance, Nonfulfillment, Noninterference, Nonobservance, Nonpayment, Nonperformance, Nonremittal, Nonrestriction, Not care for, Not come, Not get involved, Not heed, Not pay, Not show up, Not think, Omission, Overdraft, Overlook, Overlooking, Oversight, Pass over, Permissiveness, Poor stewardship, Privation, Procrastination, Protest, Protested bill, Refuse to pay, Remissness, Repudiate, Repudiation, Running away, Sabbatical leave, Sacrifice, Short measure, Shortage, Shortcoming, Shortfall, Sick leave, Slackness, Sleep, Slight, Slump, Stop payment, Suffer loss, Take for granted, Truancy, Truantism, Turn up missing, Uncollectible, Underage, Undergo privation, Unexcused absence, Unobservance, Unrigorousness, Vacation, Wander from, Want, Weakness, Welsh
How to use Default in a sentence?
- When you start a fresh letter the system will default to its own style.
- It will have to restructure its debts to avoid default.
- The default in the Microsoft Word program is a font size of 12, margins justified to the left, and a type face of Ariel.
- When the neighbors were unable to pay their home mortgage because he lost his job, they were in default of the loan.
- Some had defaulted on student loans.
- The default is fifty lines.
- The family has family struggled tremendously to pay its bills in recent years, but now they are going into default on their credit card payments.
- Defaults can have consequences such as lower of the credit scores, reduced chances of obtaining credit in the future, and higher interest rates on existing debt as well as any new obligations.
- Defaults can occur on secured debt such as a mortgage loan secured by a house or unsecured debt such as credit cards or a student loan.
- A default occurs when a borrower is unable to make timely payments, misses payments, or avoids or stops making payments entirely on interest or principal owed.
Meaning of Default & Default Definition