Default
Failure to meet an obligation under an agreement, such as missing a required payment or breaching another key term.
Related terms
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Notice of default
A notice telling a borrower that an obligation has been breached or payment has been missed. It may be contractual or required by law depending on the agreement.
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Default notice
A formal notice required in certain regulated credit agreements before a creditor can take specified enforcement steps.
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Default interest
A higher or additional rate of interest that may become payable after a default, where the agreement lawfully allows it.
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