Uncollectible definition

Uncollectible means: an ABS Message for which charges are billed by CLEC to CLEC’s end-user’s telephone number and cannot be collected by CLEC from its End-User, despite CLEC’s collection efforts.

AI-Powered Contracts

Draft, Review & Redline at the Speed of AI

Uncollectible means a Portfolio Receivable which is not collectible because of the financial inability of the relevant Obligor to pay such Portfolio Receivable.

Uncollectible means the potential for collection is virtually nonexistent. "Worthless" means lacking value.

Examples of Uncollectible in a sentence

If the amount of such Advance is less than the amount of the Delinquent Interest, the relevant Monthly Report shall be accompanied by a certificate of a Servicing Officer setting forth in reasonable detail the basis for the determination by the Servicer that the portion of the Delinquent Interest not advanced would become an Uncollectible Advance.
Not later than each Distribution Date, the Servicer shall advance (each, an “Advance”) an amount equal to the Delinquent Interest for such Determination Date by depositing such amount in the Collection Account; provided, however, that the Servicer shall be obligated to advance Delinquent Interest only to the extent that the Servicer, in its sole discretion, expects that such advance will not become an Uncollectible Advance.
Uncollectible and past due accounts may be turned over to a collection agency for collection.
Not later than each Determination Date, the Servicer shall advance (each, an "ADVANCE") an amount equal to the Delinquent Interest for such Determination Date by depositing such amount in the Collection Account; PROVIDED, HOWEVER, that the Servicer shall be obligated to advance Delinquent Interest only to the extent that the Servicer, in its sole discretion, expects that such advance will not become an Uncollectible Advance.
Such interest charge shall be equal to the rate of interest announced by Citibank, N.A. as its prime or base rate as of the statement date, calculated on the basis of the actual number of days elapsed since the Uncollectible Reinsurance Recoverables accrued or the Closing Date, whichever is less, divided by three-hundred-and-sixty-five (365) days.

More Definitions of Uncollectible

Uncollectible means an Acquired Receivable which is not collectible because of the financial inability of the relevant Obligor to pay such Acquired Receivable.

Uncollectible for purposes of this policy means:

Uncollectible means a financial obligation that has been deemed to have little or no chance of being collected;

Uncollectible means tax liens, fines or penalties, special assessments or improvement district liens, and/or other similar liens attached to real property for which there is no substantial likelihood of ever being collected by the lienholder in the use of reasonable efforts to collect them;

Uncollectible means an ABS Message for which charges are billed by CLEC to CLEC End-User’s telephone number and cannot be collected by CLEC from its End-User, despite CLEC’s collection efforts.

Uncollectible means, with respect to any accounts receivable, such receivable that is more than 120 days past due or is owed by a counterparty that has been declared insolvent or bankrupt, or where a petition in bankruptcy or any petition or answer seeking an assignment for the benefit of creditors, or seeking a liquidation or dissolution or similar relief under the U.S. Bankruptcy Code or any state law is filed by or against such party.

Uncollectible means monetary penalties imposed by the court that are deemed to be uncollectible when sufficient efforts to contact the person owing the money have failed to locate the person; an evaluation of the financial status of the person owing the money determines that the person cannot pay the obligation, either now or in the foreseeable future (generally with the determination being made that the cost of recovery far exceeds that of collection); or the person owing money is deceased.