Common use of Charge-Off Policy Clause in Contracts

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. Establish and implement, in a manner satisfactory to Collateral 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. Establish The Borrower shall establish and implement, in a manner satisfactory to the Agent, a policy for charging off the unpaid balance of its delinquent Vehicle Contracts. Without limiting the generality of the foregoing, such the Borrower's policy shall provide, as a minimum, that on the last day of each month applicable the Borrower shall charge off the unpaid balance of all Vehicle Contracts with respect to which (ia) any payment due thereunder is 180 or more days contractually delinquent on a contractual basis, or (iib) the Borrower has repossessed the Vehicle securing such which secured the Vehicle Contract was repossessed more than 30 days prior to such dateContract.