_____ refers to a firm's failure to satisfy the terms of a loan obligation.

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Default refers to a situation where a firm is unable to fulfill its obligation to repay a loan as per the agreed terms and conditions. It may result from various reasons such as financial difficulties, operational inefficiencies, market changes, or other factors leading to a decline in cash flow, profitability, or creditworthiness of the borrower. In such cases, the lender may take legal action to recover the outstanding amount, which could involve imposing penalties, seizing collateral, or declaring bankruptcy. Default can have significant consequences for a firm's reputation, credit rating, and future access to financing.

_____ Refers to a Firm's Failure to Satisfy the Terms