Bankruptcy Account definition

Bankruptcy Account means any Account (a) with respect to which, as of the Preliminary Cut-Off Time or the Closing Effective Time, all or any portion of the related Receivable has been discharged or is involved in any bankruptcy or court-ordered restructuring proceeding, or the Cardholder of which has filed, or there has been filed against such Cardholder, voluntary or involuntary proceedings under the United States Bankruptcy Code or any other proceedings under bankruptcy, trusteeship, receivership or other Laws providing for relief of debtors, or (b) that as of the Preliminary Cut-Off Time or the Closing Effective Time, is or should have been (in accordance with the Policies and Procedures) statused as bankrupt on the Processing System.

Bankruptcy Account means any Account for which the obligor on the account has on or before the Closing Date voluntarily commenced, or against whom there was commenced, a proceeding or petition under any bankruptcy, insolvency or similar law or seeking a discharge or reorganization or the appointment of a receiver, trustee, custodian or liquidator for such person or a substantial portion of such person's property, assets or business or to effect a plan or other arrangement with its creditors.

Bankruptcy Account means an account as to which the Account Debtor is a Bankrupt Account Debtor provided that (A) the Bankrupt Account Debtor's bankruptcy case was filed on or prior to the Initial Closing Date, or (B) a Seller or Buyer determines within the period designated in Section 3.4 that such Account Debtor became a Bankrupt Account Debtor prior to the applicable Closing Date based upon a reliable data base.

Examples of Bankruptcy Account in a sentence

• The Quarterly Bankruptcy Account Reports are required even though Depository may not carry any active accounts into which Bankruptcy Funds have been deposited.

• The NovaStar Entities shall cause TWO MILLION DOLLARS ($2,000,000), plus all monies in the Bankruptcy Account, in good and available funds to be wired to AIM within ten (10) business days after notice of entry of dismissal of the Involuntary.

• The Quarterly Bankruptcy Account Reports shall be submitted to UST within 15 calendar days following the end of each calendar quarter.

• It is less than satisfactory that monies have been put into suspense accounts for a long time pending clarifications, particularly for amounts belonging to the estate of the liquidation or bankruptcy that should have been accounted for in the Companies Liquidation Account and the Bankruptcy Account (paras.

• The parties acknowledge and agree that the Ineligible Accounts purchased hereunder shall not include any Bankruptcy Account or Fraud Account, as such terms are hereafter defined, and Seller shall retain all Bankruptcy Accounts and Fraud Accounts.

• According to ORO’s guidelines, for winding-up cases and bankruptcy cases of which the Official Receiver acts as liquidator/trustee, all the company liquidation estates and bankruptcy estates recovered should be placed in the Companies Liquidation Account and the Bankruptcy Account respectively.

More Definitions of Bankruptcy Account

Bankruptcy Account defined in the 1992GA ------------------------- Asset Issuance Agreement.

Bankruptcy Account. With respect to the 1992GA Asset Certificates, the ------------------ 1992GA Bankruptcy Account, and (ii) with respect to the Series 1994UA Asset Certificates, the 1994UA Bankruptcy Account.

Bankruptcy Account means an account as to which the Account Debtor is a Bankrupt Account Debtor provided that (A) Bon-Ton has received notification from any source of the commencement of such Bankrupt Account Debtor's bankruptcy case, on or prior to the Closing Date, or (B) Bon-Ton or Bank determines within sixty (60) days after the Closing Date that such Account Debtor became a Bankrupt Account Debtor prior to the Closing Date based upon a reliable data base.