A financial contract (loan, other credit product, derivative etc.) is past due (also In Arrears) when a counterparty has failed to make a payment when that payment was contractually due.
The missed payment concerns any amount due under the contract (interest, principal, fee or other amount) that has not been paid in full at the date when it was due. An exposure should be considered past due from the first day of missed payment, even when the amount of the exposure or the past-due amount, as applicable, is not considered material
- D403: Prudential treatment of problem assets - definitions of non-performing exposures and forbearance