The term "defaulted" means to fail to perform a duty, obligation or to meet an agreed upon standard. In finance, it refers to missing a payment on a loan or debt, which can result in legal action and negative credit reporting.
The omission of the coating is very odd because it's basically on by default on any other phone. (techspot.com)
This program provides mortgage insurance to protect lenders against the risk of default on mortgages to qualified buyers. (hzcu-mortgage.org)
This means borrowers can get their loans out of default by going through the process of making 9 monthly income - based payments to a debt collector. (studentloans.net)