1. Failure to do something required by an agreement, in the performance of a duty, or under a law. 2. Failure to meet the terms of a loan agreement. 3. Failure to make repayment on the due date (generally, if a payment is 30 days overdue, the loan is in default.)
glossary
1. The act of deflating or state of being deflated. 2. A reduction in the level of total spending and economic activity resulting in lower levels of output, employment, investment, trade, profits, and prices.