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

• 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.

• 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 Transferor further agrees not to remove such indication in the file referenced in clause (i) of this paragraph with respect to any Account during the term of this Agreement unless and until such Account becomes a Removed Account or a Defaulted Account.

• A Defaulted Account is a former Designated Account where all of the Receivables have been charged-off by the Servicer as uncollectable in line with its usual servicing procedures.

• Redesignation and removal of Designated Accounts:Each Designated Account will continue to be a Designated Account until such time as (i) it becomes a Cancelled Account, a Zero Balance Account or a Defaulted Account or (ii) the Transferor reclassifies it as being no longer a Designated Account.

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 that has Defaulted Receivables.

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 revolving credit 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.