Common use of Charge-Offs Clause in Contracts

Charge-Offs. As of the last day of each fiscal quarter of the Borrower, the average of the amount of actual charge-offs (net of recoveries and sales of charged-off receivables) incurred during each fiscal month ending during the period of twelve consecutive months ending on such day shall not exceed four and one-half percent (4.50%) of the average of the amount of the Adjusted Transaction Receivables outstanding at the end of each fiscal month ending during the period of twelve consecutive months ending on such day.

Charge-Offs. As of the last day end of each fiscal quarter of the Borrower, commencing with the fiscal quarter ending June 30, 2004, the average of the amount of actual charge-offs (net of recoveries and sales of charged-off receivablesrecoveries) incurred during each fiscal month ending during the period of twelve consecutive months ending on such day fiscal quarter shall not exceed four and one-half percent (4.50%) of the average of the amount of the Adjusted Transaction Receivables outstanding at the end of each fiscal month ending during the period of twelve consecutive months ending on such dayfiscal quarter.

Charge-Offs. As of the last day of each fiscal quarter of the Borrower, the average of the amount of actual charge-offs (net of recoveries and sales of charged-off receivablesrecoveries) incurred during each fiscal month ending during the period of twelve consecutive months ending on such day shall not exceed four and one-half percent (4.50%) of the average of the amount of the Adjusted Transaction Receivables outstanding at the end of each fiscal month ending during the period of twelve consecutive months ending on such day.