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 be done; neglect to do what duty or law requires; as, this evil has happened through the governor's default.
2. Fault; offense; ill deed; wrong act; failure in virtue or wisdom.
And pardon craved for his so rash default. --Spenser.
Regardless of our merit or default. --Pope.
3. (Law) A neglect of, or failure to take, some step necessary to secure the benefit of law, as a failure to appear in court at a day assigned, especially of the defendant in a suit when called to make answer; also of jurors, witnesses, etc.
{In default of}, in case of failure or lack of.
Cooks could make artificial birds and fishes in default of the real ones. --Arbuthnot.
{To suffer a default} (Law), to permit an action to be called without appearing to answer.
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.
What they have defaulted towards him as no king. --Milton.
2. (Law) To call a defendant or other party whose duty it is to be present in court, and make entry of his default, if he fails to appear; to enter a default against.
3. To leave out of account; to omit. [Obs.]
Defaulting unnecessary and partial discourses. --Hales.
Default \De*fault"\, v. i. [imp. & p. p. {Defaulted}; p. pr. & vb. n. {Defaulting}.] 1. To fail in duty; to offend.
That he gainst courtesy so foully did default. --Spenser.
2. To fail in fulfilling a contract, agreement, or duty.
3. To fail to appear in court; to let a case go by default.
Cavazos also said his department will take administrative steps and submit a package of legislative proposals to Congress as part of a strategy to ease the default problem, which is expected to cost taxpayers $1.8 billion this fiscal year.
Students stuck taking Russian by default don't give their teachers much joy.
The market's tumble put him in default on bank loans he had secured for the KaiserTech cash infusion.
But he has won the most praise for his student loan default regulations, which educators say have shown the right combination of toughness and understanding of the soaring, multibillion-dollar default problem.
But he has won the most praise for his student loan default regulations, which educators say have shown the right combination of toughness and understanding of the soaring, multibillion-dollar default problem.
Analysts say Texaco's turn to exploration and production has happened by default due to its financial troubles.
But as a result of a financial crisis in 1975, New York City did default on short-term notes.
MCO, which is about 53%-owned by Los Angeles-based MCO Holdings Inc., of which Mr. Hurwitz is chairman and chief executive officer, is in default on $46.6 million of secured bank debt.
If you default on your home improvement loan you can't stop your car from being repossessed as collateral, even though it's the only way you can get to work to make the money to pay off the loan.
The preferred shares, as well as Willard Rockwell's seven million common shares, have been pledged to various financial institutions to secure the executive's personal borrowings that currently are in default, according to the company proxy.
Another defendant in the mammoth litigation over the 1983 bond default by Washington Public Power Supply System agreed to settle plaintiffs' claims for $20 million.
Still, for people who aren't forced to sell, a downgrading may make no difference: As long as the issuer doesn't default, investors receive the yield promised when they purchased the securities, and they get back their principal at maturity.
Consider a recent $1.4 billion offering by Citibank, the biggest seller of credit-card debt. Citibank charges annual interest rates of about 20% on its Visa and MasterCard credit cards, which have a default rate of about 4.6%.
Separately, S&P said it also lowered the rating on McCrory Parent Corp.'s 14.5% senior subordinated notes, due 1994 to default status from single-C because the company couldn't make interest payments due March 1.
"Many of these programs suffer from high default rates, minimal reserves, lax management and persistent losses," he said.
A Western Union spokesman said the company wasn't surprised by the downgrade considering the payment default. The cash-strapped financial services company is based in Upper Saddle River, N.J.
The nuclear power agency behind the largest default in municipal-bond history plans to return to the market.
Congressional inaction on a bill raising the federal debt ceiling threatens the government with default on Thursday for the first time in its history.
On Tuesday, a syndicate of banks led by Citibank agreed not to declare Federated and Allied in technical default on $2.34 billion in loans.
He said that a default by another company that owed money to Pope Evans pushed it into making the swap offer.
Penrod says it predicted that the loan terms were so stringent it would default on the borrowings two years later.
Mr. Singleton said in an interview the default was a result of having to wait for a tax ruling from the Internal Revenue Service.
I would estimate that the discount due to the default risk should be 7%.
The average weighted annual default rate as of Aug. 15 was 3.79% of the total value of outstanding junk bonds, which are high-yield speculative grade corporate bonds that have low credit ratings or no credit rating at all.
Federal thrift regulators took control of Vernon Savings in 1987 and found that as much as 96% of its $1.2 billion-plus loan portfolio was in default.
De Laurentiis Group also said the latest waiver of financial covenants on $55 million of bank debt outstanding has expired, and that the company is in default under its revolving credit agreement.
But at a time when interest rates are declining, many investors appear more concerned about losing yield than about the possibility of default.
And here's where the potential windfall lies: Because the value residing in solvent mutuals does not belong to their depositors, it accrues by default to the benefit of the institutions' managements.
The bigger debt load increases the risk that a company might default on its debt payments.
The new WPPSS bonds, unlike those in default, are indirectly backed by revenues from Bonneville, a federal power agency.