Common use of Charge-Off Clause in Contracts

Charge-Off. Whenever the Servicer charges-off any amount from the Tax Lien Principal Balance in accordance with this Section 2.09, it must promptly notify the Collateral Agent and Custodian of such permitted charge-off within 90 days or quarterly. Notwithstanding anything to the contrary set forth in this Section 2.09, in respect of any Tax Lien which was only partially defective, the Servicer shall remain obligated to service and administer the non-defective portion thereof in accordance with the provisions of this Servicing Agreement.

Charge-Off. Whenever the Servicer charges-off any amount from the Tax Lien Principal Balance in accordance with this Section 2.09, it must promptly notify the Indenture Trustee and the Collateral Agent and Custodian of such permitted charge-off within 90 days or quarterly. Notwithstanding anything to the contrary set forth in this Section 2.09, in respect of any Tax Lien which was only partially defective, the Servicer shall remain obligated to service and administer the non-defective portion thereof in accordance with the provisions of this Servicing Agreement.