Task: Class Definition Understanding (ontology: Business_Finance/Financial_Industry_Business_Ontology)

Which of the following definitions best describes 'obligation default'?

A. credit event involving the refusal to honor the terms of a contract
B. credit event triggered as a result of an obligation-specific default
C. default event involving non-payment of several installment payments as scheduled in the terms of the agreement, or non-payment of a call by the beneficial owner
D. credit event involving extension of payments beyond the original maturity date of the obligation

Answer: credit event triggered as a result of an obligation-specific default