Charge-Off. When Xxxxx defaults on his contract and XxxXx charges off the contract balance as a bad debt, Xxxxxx’s refund to XxxXx shall be calculated according to the ratio of the contract balance left unpaid by Xxxxx, to the original high credit.
Charge-Off. Writing off all or part of the debt obligation evidenced by an eContract as a result of dispute, non-performance or inability to collect.
Charge-Off. 7. (a) Within 30 days from the effective date of this ORDER, the Bank shall eliminate from its books, by charge-off or collection, all assets or portions of assets classified “Loss” and 50 percent of those assets classified “Doubtful” in the Report that have not been previously collected or charged-off. If an asset classified “Doubtful” is a loan or lease, the Bank may, in the alternative, increase its ALLL by an amount equal to 50 percent of the loan or lease classified “Doubtful”. Elimination of any of these assets through proceeds of other loans made by the Bank is not considered collection for purposes of this paragraph.
