Default

Failure to make timely payment of interest or principal on a debt security or to otherwise comply with the provisions of a bond indenture. The New York Times Financial Glossary

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I. default de‧fault 1 [dɪˈfɒlt ǁ -ˈfɒːlt] noun
1. by default if something happens or is decided by default, it happens or is decided in that way because you did not do anything to change it:

• They won the last election by default.

2. FINANCE [countable, uncountable] when someone fails to pay money that they owe at the right time:

• An asset can be repossessed by a lessor in the event of a default on the lease payments.

• The banks have decided that the company is in default on its loan agreements.

3. [uncountable] LAW when someone fails to do something that it is their duty to do:

• The contract includes provisions for loss and expense suffered by the contractors due to default by the employer.

4. [uncountable] LAW when someone fails to come to court or make a written statement when they are supposed to:

• The defendant will have to explain his default and satisfy the court that he has a defence which ought to be heard.

5. [countable, uncountable] COMPUTING the way in which things will be arranged on a computer screen or done by a computer unless you change them:

• If the defaults are acceptable the user can just press Return.

• This icon appears by default.

• The default margin settings are 1.25 each for a page 8.5 wide.

  [m0] II. default default 2 verb [intransitive]
1. FINANCE BANKING to fail to pay money that you owe at the right time:

• The Act covered what mortgage lenders could do to recover their money if borrowers defaulted.

default on

• He defaulted on his child support payments.

2. LAW to not do something that it is your duty to do:

• If a party defaults in its obligations to the project, then the party's right to continue participating in the project shall be terminated.

3. COMPUTING if a computer program defaults to a particular thing, it does that thing unless you instruct it to do something else:
default to

• Microsoft Word will default to starting each new line with a capital letter unless you customize the settings.

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   Failure to meet an obligation such as a payment of interest or principal. Technically, the borrower does not default. The initiative comes from the lender who declares the borrower is in default.

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Ⅰ.
default UK US /dɪˈfɔːlt/ noun [C or U]
FINANCE the fact of not paying interest or other money that is owed on time: »

Many experts say a default would raise interest rates in the future because the government would be seen as a higher-risk borrower.

»

Any default on the interest payments will have serious consequences.

»

Creditors are frequently obliged to terminate the consumer credit agreement because the debtor is in default.

LAW the fact of not keeping to an agreement or contract: »

There will be a joint government review of the agreement if there is any default.

IT the way that something will happen or appear automatically, especially on a computer, if you do not make any different choices: »

Checking this box means that your computer will now use this printer as the default.

»

The default is to provide a statement monthly.

»

This is the default setting, but you can change it by going to the Options menu.

»

We recommend using the defaults that are already set.

by default — Cf. by default
Ⅱ.
default UK US /dɪˈfɔːlt/ verb [I]
FINANCE to fail to pay interest or other money that is owed: default on a payment/a mortgage/your rent »

If a company defaults on its rent, another tenant can be found.

»

I have never defaulted or been late with previous payments.

LAW to fail to keep to an agreement or contract: default on an agreement/a contract »

They claimed that education providers had defaulted on their agreement with students to provide a course.

IT to happen or appear automatically in a particular way, if a user does not make a different choice: »

If you do not enter a value it will default to a delay of 20 seconds.


Financial and business terms. 2012.

Synonyms:

Look at other dictionaries:

  • default — de·fault /di fȯlt, dē ˌfȯlt/ n [Anglo French defalte defaute lack, fault, failure to answer a summons, from defaillir to be lacking, fail, from de , intensive prefix + faillir to fail] 1: failure to do something required by duty (as under a… …   Law dictionary

  • Default — De*fault , n. [OE. defaute, OF. defaute, defalte, fem., F. d[ e]faut, masc., LL. defalta, fr. a verb meaning, to be deficient, to want, fail, fr. L. de + fallere to deceive. See {Fault}.] 1. A failing or failure; omission of that which ought to… …   The Collaborative International Dictionary of English

  • Default — may refer to: Default (law), the failure to do something required by law Default judgment Default (finance), failure to satisfy the terms of a loan obligation or to pay back a loan Default (computer science), a preset setting or value Default… …   Wikipedia

  • default — ► NOUN 1) failure to fulfil an obligation, especially to repay a loan or appear in a law court. 2) a pre selected option adopted by a computer program or other mechanism when no alternative is specified. ► VERB 1) fail to fulfil an obligation,… …   English terms dictionary

  • default — the failure by an entity to abide by the covenants in a debt obligation or other agreement to which it is a party. The most common default is non payment of interest or principal (Glossary of Common Bankruptcy Terms) failure to pay or otherwise… …   Glossary of Bankruptcy

  • default — [dē fôlt′, difôlt′] n. [ME < OFr defaute < VL * defallita, pp. of * defallere, to lack < L de , away + fallere, to FAIL] 1. failure to do something or be somewhere when required or expected; specif., a) failure to pay money due b)… …   English World dictionary

  • Default — De*fault , v. t. 1. To fail to perform or pay; to be guilty of neglect of; to omit; as, to default a dividend. [1913 Webster] What they have defaulted towards him as no king. Milton. [1913 Webster] 2. (Law) To call a defendant or other party… …   The Collaborative International Dictionary of English

  • Default — (englisch default = „Standard“, „Leistungsstörung“ oder „in Verzug sein“) bezeichnet: eine Voreinstellung einer Eingabevariable in der Informatik; Werkseinstellungen bei computergesteuerten technischen Geräten; einen Bankrott in der… …   Deutsch Wikipedia

  • Default — De*fault , v. i. [imp. & p. p. {Defaulted}; p. pr. & vb. n. {Defaulting}.] 1. To fail in duty; to offend. [1913 Webster] That he gainst courtesy so foully did default. Spenser. [1913 Webster] 2. To fail in fulfilling a contract, agreement, or… …   The Collaborative International Dictionary of English

  • Default — est un groupe de post grunge et rock alternatif canadien originaire de Vancouver, en Colombie Britannique, formé en 1999. Histoire du groupe La majorité du public de Default se trouve au Canada, mais ils gagnent en popularité aux États Unis grâce …   Wikipédia en Français

  • default — [n] failure; want absence, blemish, blunder, dearth, defect, deficiency, delinquency, dereliction, disregard, error, fault, imperfection, inadequacy, insufficiency, lack, lapse, miss, neglect, nonpayment, offense, omission, overlooking, oversight …   New thesaurus

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