Default Event
From Open Risk Manual
Revision as of 16:39, 15 June 2023 by Wiki admin (talk | contribs)
Definition
Default Event is a legal condition that follows from a borrower (or counterparty) to a financial contract not honoring their obligations. It is a Credit Event representing a failure to meet a contractual obligation, such as, but not limited to, failure to pay.
This is typically a category of clauses described in further detail a Loan Agreement.
