Event of Default (also used in German; sometimes also [legally inaccurate] translated as default)

In the financial market, an event that – on the part of the bank – constitutes a reason for termination. Basically, it is always a case of non-compliance with contractual agreements on the part of the debtor (which is in default under one or several contractual obligations, such as the full and punctual payment of principal due and interests). The model contracts of the European Master Agreement and the International Swaps and Derivates Association usually set out the details in great detail for each type of contract. – See covenant, loan, revoked, default, third-party due clause, third-party default clause, intercreditor agreement, probability of default, prepayment clause, mutual.

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University Professor Dr. Gerhard Merk, Dipl.rer.pol., Dipl.rer.oec.
Professor Dr. Eckehard Krah, Dipl.rer.pol.
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