Definition:
Event of Default
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An event of default is described in a section of most loan agreements. This section lists what actions or omissions by a borrower would represent a violation of the terms of the agreement and what action the lender is legally authorized to take in response.Simply put, an event of default is a violation of the terms of a loan agreement. A common events of default might be failing to make a loan payment or misrepresenting one's income level in a loan application.
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