The phrase "a default of payment" is correct and usable in written English.
It is typically used in financial or legal contexts to refer to a situation where a borrower fails to make a required payment on a loan or debt.
Example: "The company faced serious consequences due to a default of payment on its outstanding loans."
Alternatives: "failure to pay" or "non-payment".
Given the world financial system's dependence on the dollar, a default on payments of interest or principal on U.S. Treasury bonds would be catastrophic for the global economy, analysts said.
Some allow you to select the date the funds will transfer; others preselect a default of the payment's due date.
This helps you avoid delinquency (missed payments) or worse, a default (avoidance of payment altogether).
Online subscriptions are cut automatically when the credit cards become maxed out or in default of payment.
Loan agreements also list events of default, including failure to pay principal or interest when due, failure to comply with an affirmative covenant after notice of the violation has been given by the bank, violation of a negative covenant, discovery that are presentation or warranty was incorrect, a default in the payment of money owed to another lender, and bankruptcy of the company.
Default of payments on debts by a secured note may require the borrower to forfeit the items in lieu of payment.
For this he is sentenced to a fine of $30 and to imprisonment at hard labor, in default of the payment of the fine and costs, for 136 days.
They often fail to lay down clearly what would constitute a default for the purpose of triggering payment to holders of such derivatives.
Dubbed the "Singapore of the Caribbean" last year by the billionaire hedge-fund manager John Paulson, the country has been ravaged by an eight-year recession that has left it on the verge of a defaulting on a $58m payment to its bondholders on 1 August.
