Basel II Default definition
Basel II Default means (i) the Seller considers at any time (acting reasonably in accordance with its internal procedures) that a Borrower is unlikely to pay its credit obligations under the relevant Loan Agreement (without recourse by the Seller to action such as realisation of security); or (ii) a Borrower has failed to meet any payment obligation under the relevant Loan Agreement which has occurred and has continued (and is continuing) for at least 90 consecutive calendar days;