TERM OF THE DAY default 1. General: Failure to do something required by an agreement, in theperformance of a duty, or under a law. 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 apayment 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. 3. Computing: Attribute, option, or value assumed by a computer when a userhas not chosen or supplied any. Computer's choice is based on how theelements of a software or the settings of a hardware have been arranged by the manufacturer, or customized by the user. 4. Contractual: Failure to comply with the terms of a ... Learn more about this term Usage Example A past default on a debt obligation will often times signal that a borrower is less likely to make payments in the future.   MARKETPLACE The Options Industry Council Make the most of Volatility. Stream a free Webcast from The Options Industry Council. Click to View This Offer...   FEATURED ARTICLE Strategic Leadership for Executives How effective are you at managing change? In the modern business landscape, the process of successfully navigating change - whether it's organizational or... Read this article   VOICE YOUR OPINION What's the most important trait in a manager?

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