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What does defaulting mean?

Looking for the meaning or definition of the word defaulting? Here's what it means.

Verb
  1. present participle of default
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Examples
Forwardslashes are correct in UNIX or Windows, although Windows persists in defaulting to backslashes.
Buffalo City is successfully recovering money from defaulting ratepayers by attaching their properties.
Costs associated with the loss of reputation for a defaulting borrower are not considered here.
But with Greece running out of money and needing to secure funds by the end of June if it to avoid defaulting on its debts, tensions are high.
Where a defaulting debtor has moved, the new address needs to be obtained so the bank can contact the debtor.
It started with the U.S. Treasury defaulting on its gold obligation to foreigners in 1971, thereby foisting a regime of irredeemable currency upon the world.

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