Charged Off Loans Clause Samples
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Charged Off Loans. On [***], Bank shall sell to Company, and Company shall purchase from Bank, [***] of the Remaining Retained Loans that were classified as a Charged-Off Loan as of the end of [***], with the first such purchase and sale occurring in [***] (for all Remaining Retained Loans classified as a Charged-Off Loan as of the end of day on [***]) and the last such purchase and sale occurring in February 2026 (for all Remaining Retained Loans classified as a Charged-Off Loan as of the end of day on [***]). Each such [***] purchase and sale shall be for a fixed, total aggregate purchase price of [***] per [***] transaction, regardless of the number of Loans purchased and sold in each such transaction. The Closing Date of each such [***] purchase and sale shall be mutually agreed upon by the Parties. [***].
Charged Off Loans. Promptly following any Loan satisfying the charge off criteria as set forth in its Charge Off Policy, Servicer shall, in accordance with the Charge Off Policy, charge off the related Loan (the date of such charge off being the “Charge Off Date” and each such Loan, a “Charged Off Loan”). Servicer may, but is not required to, facilitate the sale and transfer of the Loan and the Loan Documents for such Charged Off Loan to a Charged Off Loan Purchaser (other than Charged Off Loans that are deemed non-conforming or ineligible for purchase by such Charged Off Loan Purchaser) and Servicer shall be relieved of its ongoing servicing and collection obligations hereunder, except with respect to causing any proceeds to be deposited into the applicable Purchaser Online Account pursuant to Sections 3.2(e) and (f).
Charged Off Loans. Promptly following any Loan satisfying the charge off criteria as set forth in its Charge Off Policy, Servicer shall, in accordance with the Charge Off Policy, charge off the related Loan (the date of such charge off being the “Charge Off Date” and each such Loan, a “Charged Off Loan”). Servicer may, but is not required to, facilitate the sale and transfer of the Loan and the Loan Documents for such Charged Off Loan to a Charged Off Loan Purchaser (other than Charged Off Loans that are deemed non-conforming or ineligible for purchase by such Charged Off Loan Purchaser) and Servicer shall be relieved of its ongoing servicing and collection obligations hereunder, except with respect to causing any proceeds to be deposited into the applicable Purchaser Online Account pursuant to Sections 3.2(e) and (f). In connection with the sale and transfer of any Charged Off Loan pursuant to the terms of this Section 3.2(c), Purchaser (i) authorizes Servicer to remove any Loan Documents delivered to any Purchaser Online Account(s), through Servicer’s online platform or deposited in any third party document vaults related to such Charged Off Loans, and agrees to cooperate with Servicer as is reasonably required to effect the foregoing removal, and (ii) hereby makes the following representations and warranties to Servicer as of the date of such sale and transfer:
(A) Purchaser is the sole legal, beneficial and equitable owner of such Loan and has good and marketable title thereto, and has the right to assign, sell and transfer such Loan free and clear of any lien, pledge, charge, claim, security interest or other encumbrance, and Purchaser has not sold, assigned or otherwise transferred any right or interest in or to such Loan and has not pledged such Loan as collateral for any debt or other purpose, except as contemplated under this Agreement or the Purchase Agreement; and
(B) Purchaser is duly organized, validly existing and in good standing under the laws of the jurisdiction of its organization and is in good standing with every regulatory body having jurisdiction over its activities of Purchaser, except where the failure to do so would not reasonably be expected to have a Material Adverse Effect on Purchaser. If Purchaser is a Bank, (i) Purchaser is chartered under U.S. federal or state banking laws, or (ii) Purchaser is a foreign depository institution that will act for purposes of this Agreement solely through United States branches that are subject to U.S. federal or...