What is the difference between the statuses 'doubtful' and 'default'?

What is the difference between the statuses 'doubtful' and 'default'?

The failure to repay on the due date is classified an ‘ Event of Default ’ under the definition as listed in section 9 of the Investors’ Standard Terms on Conditions to Promissory Note.

The broad definition of what constitutes a default event is structured such that we are able to take effective measures against an errant Issuer, if the need arises. This is to safeguard the interest of investors.

As spelt out in the same Terms and Conditions, we have the authority to take such action as may be deemed appropriate by in its sole and absolute discretion.

A note will move into 'doubtful' classification from on the 120 days and/or outstanding credit facility is questionable and the prospect of a loss is high

In short,  ‘ doubtful’ is a classification status applied when a note has not paid for 120 days, while ‘default’  is an event, as opposed to a status.

The value of outstanding amounts owed in notes that are in ‘doubtful’ and ‘loss’ statuses are used to compute the default rate.