Defaulted Account definition

Defaulted Account means an Account in which there are Defaulted Receivables.

Defaulted Account means an Account in which there are Charged-Off Receivables.

Defaulted Account means each Account with respect to which, in accordance with the Credit Card Guidelines or the Servicer’s customary and usual servicing procedures for servicing credit card receivables comparable to the Receivables, the Servicer has charged off the Receivables in such Account as uncollectible; an Account shall become a Defaulted Account on the day on which such Receivables are recorded as charged off as uncollectible on the Servicer’s computer master file of revolving credit card accounts. Notwithstanding any other provision hereof, any Receivables in a Defaulted Account that are Ineligible Receivables shall be treated as Ineligible Receivables rather than Receivables in Defaulted Accounts.

Examples of Defaulted Account in a sentence

• Each existing Ownership Interest shall, however, continue to constitute an undivided co-ownership interest in all amounts owing as Receivables under each such Account while it is a Defaulted Account and all payments received as Recoveries in respect of amounts owing under each such Account shall be applied, without distinction, as Collections hereunder.

• An Account will cease to be an Account (each, a “Purged Account”) on the date on which such Account (a) either (i) has no Receivables outstanding or (ii) is a Defaulted Account, and (b) is terminated in accordance with the Servicer’s practices and procedures for terminating inactive Credit Card Accounts, including terminations in circumstances where a Credit Card Account has been inactive for a period time.

• Once the books and records (including the appropriate computed files) referenced in clause (i) of this paragraph have been indicated with respect to any Account, the Transferor further agrees not to alter such indication during the term of this Agreement unless and until such Account becomes a Removed Account or a Defaulted Account.

• The Accounts shall be identified in the Pool Index File with the designation “1994-MT” and/or “1994MT”, and the Transferor shall not instruct or authorize the applicable Account Owner to alter such file designation with respect to any Account during the term of this Agreement unless and until an Account becomes a Removed Account or a Defaulted Account.

• From and after the day on which an Account becomes a Defaulted Account and while it continues as a Defaulted Account and has not been removed pursuant to Section 2.7 or purged pursuant to Section 2.11(b), all Receivables balances owing under each such Defaulted Account shall be included in the Defaulted Amount and excluded in the calculation of the Pool Balance.

More Definitions of Defaulted Account

Defaulted Account means, at any time, any Account (i) which is in arrears for a period of 180 days or more following the date on which the minimum payment requirement thereunder was initially due and payable, as determined in accordance with the Servicer's practices and procedures; or (ii) is written off as uncollectible in accordance with the Servicer's practices and procedures.

Defaulted Account means any Account containing only Receivables that have been charged off as uncollectible under the Credit Card Guidelines and the Servicer’s customary and usual procedures for servicing credit card accounts. An Account becomes a Defaulted Account on the date on which all of its Receivables are recorded as charged-off on the Servicer’s master computer file of credit card accounts.

Defaulted Account as defined in the definition of the "Eligible Accounts Receivable".

Defaulted Account means each Account with respect to which, in accordance with the Credit and Collection Policy or the Servicer's customary and usual servicing procedures, the Servicer has charged off the Receivables in such Account as uncollectible; an Account shall become a Defaulted Account on the day on which such Receivables are recorded as charged off as uncollectible on the Servicer's computer master file of consumer credit card revolving accounts. Notwithstanding any other provision hereof, any Receivables in a Defaulted Account that are Ineligible Receivables shall be treated as Ineligible Receivables rather than Receivables in Defaulted Accounts.

Defaulted Account any Account of the Borrower or its Subsidiaries which has been or should have been charged-off as not collectable in conformity with the accounting policies of the Borrower and its Subsidiaries as in effect from time to time.

Defaulted Account means an Account as to which (a) the initial ENV has not been received in full as Collections within one hundred fifty (150) days of the Billing Date, or (b) Lender reasonably deems uncollectible because of the bankruptcy or insolvency of the Obligor or any other reason.

Defaulted Account means each Account with respect to which, in accordance with the Account Guidelines pursuant to which such Account is governed or the customary and usual servicing procedures of the Servicer for servicing consumer revolving credit card receivables comparable to the Receivables, the Servicer has charged off the Receivables in such Account as uncollectible. An Account shall be deemed a Defaulted Account no later than the earlier of (i) the last day of the calendar month in which such Account becomes 180 days delinquent on a contractual basis and (ii) 30 days after receipt of notice by the Servicer that the related Obligor has died or has filed a bankruptcy petition or has had a bankruptcy petition filed against him. Notwithstanding any other provision hereof, any Receivables in a Defaulted Account which are Ineligible Receivables shall be treated as Ineligible Receivables rather than Receivables in Defaulted Accounts.