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

Purging of Accounts‌ 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.

The current policy of the Seller is to charge off an Account when that Account becomes a Defaulted Account, provided that if the Seller receives notice that a cardholder has filed for bankruptcy or a consumer proposal under bankruptcy legislation or a credit counselling proposal, the Seller charges off such Account when a proof of claims is filed, the consumer proposal has been accepted by a majority of creditors, or the credit counselling proposal has been accepted by the Seller.


More Definitions of Defaulted Account

Defaulted Account means each Account with respect to which, in ----------------- accordance with the Account Guidelines or the Servicer's customary and usual servicing procedures for servicing credit card receivables comparable to the Receivables (which as of the date hereof is more than 211 days delinquent from the payment due date) 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 and as uncollectible on the Servicer's computer master file of VISA(R) and MasterCard(R) accounts.
Defaulted Account means any Account that has Defaulted Receivables.
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 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.
Defaulted Account means an Account as to which (a) the initial ENV has not been received in full as Collections within 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 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.