ETYM Old Eng. defaute, Old Fren. defaute, defalte, fem., French défaut, masc., Late Lat. defalta, from a verb meaning, to be deficient, to want, fail, from Latin de- + fallere to deceive. Related to Fault.
1. Act of failing to meet a financial obligation; SYN. nonpayment, nonremittal.
2. Loss due to not showing up.
The value(s) or option(s) that are assumed during operation when not specified.