Akademik

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.