Charge-Off Policy. Borrowers shall establish and implement, in a manner reasonably satisfactory to Agent, a policy for charging off the unpaid balance of its delinquent Contracts (it being acknowledged and agreed that Borrowers’ policy as in effect on December 17, 2021 is satisfactory to Agent).
Charge-Off Policy. Establish and implement, in a manner satisfactory to Agent, a policy for charging off the unpaid balance of its delinquent Vehicle Contracts. Without limiting the generality of the foregoing, such policy shall provide, as a minimum, that on the last day of each month applicable Borrower shall charge off the unpaid balance of all Vehicle Contracts with respect to which (i) any payment due thereunder is 180 or more days delinquent on a contractual basis, or (ii) the Vehicle securing such Vehicle Contract was repossessed more than 30 days prior to such date.
Charge-Off Policy. Borrower shall maintain, all in a manner satisfactory to Agent, a policy for charging off the unpaid balance of any Contract upon the occurrence of any default under the terms thereof. Without limiting the generality of the foregoing, Borrower’s policy shall provide, as a minimum, that on the last business day of each month, the Borrower shall charge off (i) the unpaid balance of any Contract with respect to which any payment due thereunder is 120 days or more past due as determined on a contractual basis and (ii) the unpaid balance of any Contract with respect to which the Contract Debtor is the subject of a bankruptcy or insolvency proceeding. In addition, the policy shall provide that Borrower shall immediately charge off all Contracts with a deficiency balance and shall charge off all of the value of any Vehicles which have been repossessed for more than 120 days. Borrower shall properly account for all charge offs in the calculation of all financial covenant requirements in this Agreement. To the extent that the amount of the then outstanding Charge Off Shortfall is deducted (i) from Borrower’s Adjusted Net Earnings from Operations for purposes of the calculation of the Interest Coverage Ratio as set forth in Section 9.18 and (ii) from Borrower’s Adjusted Tangible Net Worth for purposes of the calculation of the Borrowing Base Ratio as set forth in Section 9.21, such Charge Off Shortfall shall be deemed not to be a default under this Section 9.31, provided, however, that Agent at any time may give Borrower 60 days’ prior written notice that failure to make or maintain the amount of charge offs as required by the first three sentences of this Section 9.31 may thereafter be deemed a default under this Section 9.31 (whether or not any such deductions are made).
Charge-Off Policy. Receivables must be charged off (on a monthly basis) with respect to which no payment due and owing thereunder hereunder has been made for a period that is equal to or greater than 180 days, as determined on a contractual basis.
Charge-Off Policy. The Borrowers shall establish and implement a policy for charging off the unpaid balance of its delinquent Contracts as set forth in the Credit and Collections Guidelines.
Charge-Off Policy. Without the prior written consent of Lender, which consent shall not be unreasonably withheld, Servicer will not change its general policy regarding Charge-offs from the following: Servicer will charge off Delinquent Credit Card Receivables if payment of not less than the amount of the required minimum monthly payment has not been received from the respective Obligor within 180 days after the applicable statement date.
Charge-Off Policy. Accounts must be charged-off when they become 180 days or more delinquent on a contractual aging basis and 60 days or more recently delinquent.
Charge-Off Policy. Borrowers shall establish and implement, in a manner reasonably satisfactory to Agent, a policy for charging off the unpaid balance of its delinquent Contracts. Without limiting the generality of the foregoing, Borrowers’ policy shall provide that on the last Business Day of each month each Borrower shall:
(a) either (i) charge off the unpaid balance of all Contracts with respect to which any payment due thereunder is 180 or more days delinquent, as determined on a contractual basis or (ii) (x) deduct the unpaid balance of all such Contracts from Borrowers’ Adjusted Tangible Net Worth and Consolidated Tangible Net Worth for purposes of the calculations set forth in Sections 8.4(a) and (e), respectively, and (y) deduct the unpaid balance of all such Contracts from Borrowers’ Adjusted Net Income for purposes of calculating the Interest Coverage Ratio pursuant to Sections 8.4(b), (c) and (d), to the extent such unpaid balance was not previously deducted in the prior quarter’s Interest Coverage Ratio test; and
(b) (i) charge off the unpaid balance of all Contracts which were secured by a Lien on Property which has been repossessed for 120 days or more or (ii) (x) deduct the unpaid balance of all such Contracts from Borrowers’ Adjusted Tangible Net Worth and Consolidated Tangible Net Worth for purposes of the calculations set forth in Sections 8.4(a) and (e), respectively, and (y) deduct the unpaid balance of all such Contracts from Borrowers’ Adjusted Net Income for purposes of calculating the Interest Coverage Ratio pursuant to Sections 8.4(b), (c) and (d), to the extent such unpaid balance was not previously deducted in the prior quarter’s Interest Coverage Ratio test.
Charge-Off Policy. Borrowers shall establish and implement a policy for charging off the unpaid balance of its delinquent Contracts as set forth in the Credit and Collections Guidelines. Borrowers shall not in any way modify such policy as in effect on the Closing Date without providing 10 Business Days prior written notice to Agent of such modification.
Charge-Off Policy. Maintain, in a manner reasonably satisfactory to the Agent, a policy for charging off the unpaid balance of its delinquent Vehicle Contracts. Without limiting the generality of the foregoing, the Borrower’s policy shall provide, as a minimum, that on the last day of each month the Borrower shall charge off the unpaid balance of all Vehicle Contracts with respect to which (a) any payment due thereunder is one hundred eighty (180) or more days contractually delinquent or (b) the Borrower has repossessed the Vehicle which secured the Vehicle Contract more than thirty (30) days prior thereto.
