Definitions of event of default
a specific failure to meet an obligation
The loan agreement defined the insolvency of the borrower as an event of default by the borrower.
Phrase Bank for event of default
The non-payment of other loans which the borrower has may be an event of default.
In the event of default by the borrower, the bank shall be entitled to terminate the loan agreement.
The company should try to limit the amount of events of default when negotiating with the bank.
Additional Notes for event of default
Events of default are specifically laid out in the loan contract, and often include chronically late payments or other breaches of contract.