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Default
In the context of a credit default swap, default is synonymous with credit event. However, the term default has a number of alternative definitions that are narrower or wider than the term 'credit event'. For example, rating agencies define default narrowly - as a failure to make payments as they become due. In the loan market, the term is used to include a wider set of events that can require the borrower to repay the loan, such as breaches of covenants and changes of corporate control.
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