Default & Charge-Off Sample Clauses
Default & Charge-Off. A loan will be in reportable default if any principal or interest payment under the loan is sixty (60) days past due. A loan will be charged off if payments under the loan are due and not received for a period of one hundred and eighty (180) days. THIS SECURITY AGREEMENT (with all amendments, modifications and supplements hereto, collectively this “Agreement”) dated as of February 20, 2009, by ITT EDUCATIONAL SERVICES, INC., a Delaware corporation (“ITT ESI”) in favor of STUDENT CU CONNECT CUSO, LLC, a Delaware limited liability company operating as a credit union service organization (the “CUSO”).
Default & Charge-Off. A loan will be in reportable default if any principal or interest payment under the loan is sixty (60) days past due. A loan will be charged off if payments under the loan are due and not received for a period of one hundred and eighty (180) days. This Agreement may be terminated pursuant to Section 5.02(D) as follows: If the Actual Cumulative Default Ratio on the portfolio exceeds 35%, as measured at each month-end, the Servicer must submit to the Client and ITT an action plan setting forth in reasonable detail the steps that the Servicer intends to take to improve the repayment performance of all the Serviced Loans for the Client. If the Actual Cumulative Default Ratio on the portfolio remains above 35% for a period of ninety (90) days, as measured at each month-end, the notice of termination may be provided.