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      1. (1) (in relation to the IRB approach and for the purposes of BIPRU) has the meaning in BIPRU 4.3 (The IRB approach: Provisions common to different exposure classes).94
      1. (2) (in MIPRU) for any credit obligation a borrower has with a firm, an event where:94
        1. (a) the borrower is past the contractual payment due date by more than 90 days; and
        1. (b) the firm reasonably considers that the borrower is unlikely to pay or otherwise fulfil its credit obligations to the firm.