Uncollectible Account definition

Uncollectible Account means an account for which:

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Uncollectible Account means any account receivable of the Business outstanding as of the Closing Date that remains uncollected one year from the date it was due.

Uncollectible Account means, as of the applicable Cut-Off Date for each Account purchased (a) an Account with reference to which a final judgment has been entered by a court of competent jurisdiction to the effect that no Debtor on the Account is under any enforceable obligation to pay the holder of the Account and that the holder of the Account shall take no action against any and all Debtors executing Account documentation; (b) an Account in which GTC or a predecessor in interest released all Debtors obligated on the Account from any and all liability on the Account; (c) an Account with respect to which all of the Debtors on the Account have filed bankruptcy and the bankruptcy has not been dismissed prior to the applicable Cut-off Date; (d) an Account with respect to which all Debtors on the Account were deceased; or (e) an Account in which the date the Account was declared in default and payment thereunder demanded in full occurred more than the number of years set forth in Exhibit B, for the applicable State listed in GTC's records for the address to mail Account Statements, prior to the applicable Cut-off Date.

Examples of Uncollectible Account in a sentence

If at any time the Purchaser or any of its affiliates receives amounts in respect of any Uncollectible Account for which the Seller has indemnified the Purchaser or any of its affiliates, the Purchaser shall, and shall cause such affiliates to, pay over to the Seller an amount equal to the indemnity payment made by the Seller.
It is understood and agreed that, except for the indemnification set forth in Section 12.3, the obligation of GTC and the Trustee to substitute any Uncollectible Account or Litigation Account shall constitute the sole remedy respecting such accounts available to Buyer.
GTC and the Trustee shall substitute each Uncollectible Account or Litigation Account with an Account which is from the same pool as the substituted Account or from Pool I and which has an Unpaid Balance which is equal to or greater than the Unpaid Balance of the substituted Account, but not less than the Unpaid Balance of the substituted Account by more than $500.
GTC and the Trustee shall substitute the Account within [*] days from receipt of evidence satisfactory to GTC that same is an Uncollectible Account or Litigation Account.
Buyer shall, within [*] days from the applicable Closing Date for each Account, notify GTC of each Account with respect to which Buyer seeks substitution and shall supply GTC with evidence satisfactory to GTC that same is an Uncollectible Account or Litigation Account.
No later than ten (10) days following receipt of such Repurchase Notice, Purchaser shall execute and deliver to Sellers all instruments as shall be reasonably necessary to effectively vest in Sellers all of the right, title and interest of Purchaser with respect to any Uncollectible Account which is the subject of a Repurchase Notice without any representation or recourse.
Within fifteen (15) days of receipt of any such notice, Sellers may elect by delivering written notice to Purchaser (a “Repurchase Notice”) to repurchase any such Uncollectible Account from Purchaser for a purchase price equal to the aggregate face value of such Uncollectible Account.
To the extent that JKP Sub has assumed any Uncollectible Accounts pursuant to Section 2.3(c) hereof, there shall be a pro rata deduction from the License Consideration in the amount of each Uncollectible Account, provided, however, that from time to time after the License Consideration Adjustment Date, the License Consideration shall be adjusted in accordance with the foregoing provision.
To the extent that JKP Sub has assumed any Uncollectible Accounts pursuant to Section 4.1(c) hereof, there shall be a pro rata deduction from the Purchase Price in the amount of each Uncollectible Account; provided, however, that from time to time after the Purchase Price Adjustment Date, the Purchase Price shall be adjusted in accordance with the foregoing provision.
Notwithstanding anything to the contrary set forth in this Agreement, Buyer shall not be entitled to indemnification or any other remedy pursuant to this Agreement with respect to any Uncollectible Account which is repurchased by Sellers as described herein.

More Definitions of Uncollectible Account

Uncollectible Account means an account in an amount in excess of $CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION and which either: (a) one or more unpaid invoices have been outstanding for more than one year or (b) the customer is excused from paying its debt to Licensee by the entry of an order in a bankruptcy case filed by or against such customer.

Uncollectible Account means an account or accounts with a customer or group of related or affiliated customers with an aggregate unpaid balance which exceeds $CONFIDENTIAL INFORMATION OMITTED AND FILED SEPARATELY WITH THE SECURITIES AND EXCHANGE COMMISSION and either: (a) one or more unpaid invoices have been outstanding for more than one year but not more than two years or (b) Licensee reasonably determines that such account will not be paid due to the customer's bankruptcy or insolvency or public statements that it will be unable to pay its debts when due.