default
A1CEFR level
15/100Rarity: common
TechnicalRegister
Law noun
A failure to perform a legal or contractual duty, especially to pay.
On the borrower's default the lender was entitled to accelerate the loan and enforce its security.
Business verb
To fail to meet the legal obligations of a loan, especially the repayment of interest or principal.
If the company defaults on its bonds, lenders can seize the collateral.
Rarity runs from 0 (a word everyone knows) to 100 (almost never seen outside specialist or literary writing). Level is the word's real difficulty on the CEFR scale, from A1 to C2.
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