CA-5.8.63
A default is considered to have occurred with regard to a particular obligor when either or both of the two following events have taken place:
(a) The bank considers that the obligor is unlikely to pay its credit obligations to the banking group in full, without recourse by the bank to actions such as realising security (if held); and
(b) The obligor is past due more than 90 days on any material credit obligation to the banking group. Overdrafts will be considered as being past due once the customer has breached an advised limit or been advised of a limit smaller than current outstandings.
Amended: April 2011
Apr 08
Apr 08