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Oxford English Dictionary
The Oxford English Dictionary (OED) is widely regarded as the accepted authority on the English language. It is an unsurpassed guide to the meaning, history, and pronunciation of 600,000 words— past and present—from across the English-speaking world.
Definition
of
Default (in a financial context)
from
Oxford English Dictionary (definition 2b)
Failure to meet financial commitments; non-payment of money owed; the state of being unable to fulfil financial obligations
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