Defaulted Receivable Clause Samples
The Defaulted Receivable clause defines what constitutes a receivable that is considered to be in default under the agreement. Typically, this applies to accounts or payments that have not been paid within a specified period or where the obligor has become insolvent or otherwise unable to pay. For example, a receivable may be deemed defaulted if payment is overdue by more than 90 days or if the debtor files for bankruptcy. The core function of this clause is to clearly identify when a receivable is no longer performing, which is essential for triggering remedies, reallocating risk, or enforcing collection actions.
Defaulted Receivable. Without double counting for any Charged-off Receivable, a Receivable (i) as to which any payment, or part thereof, remains unpaid for more than 60 days from the original due date for such Receivable; (ii) as to which an Event of Bankruptcy has occurred and is continuing with respect to the Obligor thereof; (iii) which has been identified by the SPV, the Originator or the Servicer as uncollectible; or (iv) which, consistent with the Credit and Collection Policy, should be written off as uncollectible; provided, however, a Receivable that is a Charged-off Receivable shall not be a Defaulted Receivable.
Defaulted Receivable. 6 Default-to-Delinquency Ratio................................7
Defaulted Receivable. Any Receivable (a) which has been, or should have been, written off as uncollectible by the Servicer in accordance with the Collection Policy, (b) as to which, at the end of any Due Period, any payment, or part thereof, remains unpaid for 91 days or more past the due date for such payment, determined by reference to the original contractual payment terms of such Receivable or (c) as to which the Obligor thereon has suffered an Event of Bankruptcy.
Defaulted Receivable. Clause (ii) of the definition of Defaulted Receivable is amended by deleting the reference to "paragraph A. (g)" and inserting in its place "paragraph (g)".
Defaulted Receivable. Any Receivable (i) with respect to which any payment, or part thereof, remains unpaid for sixty-one (61) days or more from its original due date as specified in the original invoice, (ii) with respect to which the Obligor thereunder has taken any action, or suffered any event to occur, of the type described in Sections 9.1(c) or 9.1(d) of the Purchase Agreement or (iii) that otherwise is determined to be uncollectible and is written off in accordance with the Credit and Collection Policies.
Defaulted Receivable. For any Due Period, a Purchased Receivable for which (i) any Scheduled Payment is delinquent (not paid by the due date) more than 120 days as of the end of the Due Period; (ii) a petition requesting relief under the Bankruptcy Code or a similar law was filed by or against the Borrower during the Due Period, and any Scheduled Payment is delinquent (not paid by the due date) more than 90 days as of the end of the Due Period; (iii) as of the end of the Due Period, the Financed Vehicle is missing, has been damaged beyond ordinary means of repair, or has been leased or disposed of by sale or other transfer of title; (iv) Servicer or Owner shall have reasonably determined as of the last date of the Due Period that by reason of a claim, lien, charge, pledge or encumbrance regarding the Purchased Receivable or the Financed Vehicle, or otherwise, payments under the Purchased Receivable will not be made; or (v) a Skip Loss Investigation was
Defaulted Receivable. The definition of "Defaulted Receivable" where it appears in APPENDIX A to the Receivables Purchase Agreement is hereby amended by (i) inserting the word "or" immediately before CLAUSE (d) thereof, (ii) deleting the semi-colon and the word "or" that appears immediately after CLAUSE (d) thereof and substituting therefor a period and (iii) deleting CLAUSE (e) thereof in its entirety. The definition of "Eligible Receivable" that appears in APPENDIX A of the Receivables Purchase Agreement is hereby amended by adding a new phrase at the end of PARAGRAPH d thereof, immediately before the semi-colon, as follows: "and which is not owed by an Obligor with ten percent (10%) or more of the aggregate Unpaid Balance of all Receivables owed by such obligor that are Defaulted Receivables".
Defaulted Receivable. Any purchase of a Financed Vehicle by the Servicer shall be made at a price equal to the fair market value of the Financed Vehicle as determined by the Servicer in accordance with the Servicer's normal servicing standards.
Defaulted Receivable. A Receivable: (i) as to which, on the last day of any Settlement Period, a portion of any payment then due and payable equal to or greater than the Specified Amount has remained unpaid for more than ninety days from the original due date for such payment, (ii) as to which the Subservicer or the Master Servicer has deemed uncollectible, (iii) which has been written off in the normal course of business prior to becoming ninety days past due, (iv) as to which amounts due and payable under the Contract related thereto have been accelerated and foreclosure proceedings with respect to the Timeshare related thereto have been initiated by the Subservicer or the Master Servicer or as to which the Subservicer or the Master Servicer has received a deed-in-lieu of foreclosure or (iv) as to which a Responsible Officer of the Subservicer or the Master Servicer has received notice that the Purchaser thereof is subject to an Insolvency Event.