Charged Off definition

Charged Off shall have a meaning correlative thereto.

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Charged Off means an account that has been identified by the creditor as an uncollectable debt.

Charged Off means a Loan on which there have not been any payments made for at least 180 days, if any payments had been due during such period.

Examples of Charged Off in a sentence

• Wilshire will not be entitled to receive any future unaccrued Servicing Fees or expenses from collections on such Charged Off Loans.

• Wilshire will only be entitled to previously accrued Servicing Fees and expenses on any such Charged Off Loans.

• Such aggregate recovery amounts on Charged Off Loans shall be paid to Wilshire first, as reimbursement of any outstanding and unpaid expenses, and second, as any accrued and unpaid Servicing Fees.

• The Trustee shall be entitled to rely, without independent verification, on the loan level data provided by Wilshire that identifies the recovery amounts and the outstanding and unpaid expenses on any Charged Off Loan in order to verify the amount in clause (ii) of the previous sentence.

• Wilshire will accrue, but not be entitled to any Servicing Fees and reimbursement of expenses in connection with such Charged Off Loans, except to the extent of funds available from the aggregate amount of recoveries on all Charged Off Loans.

More Definitions of Charged Off

Charged Off and “Charge-Off” refer to Accounts treated by Chase as a loss or expense because Chase has determined that, under the Federal Financial Institutions Examination Council’s Final Notice of Uniform Retail Credit Classification and Account Management Policy, 65 Fed. Reg. 36903 (June 12, 2000), or other relevant guidelines, repayment of the Debt is unlikely.

Charged Off means, for purposes of

Charged Off when used in reference to Receivables, means the cumulative Principal Balance of an account or accounts written off, net of recoveries.

Charged Off has a corresponding meaning.

Charged Off refers to an outstanding extension of credit owed to or serviced by ▇▇▇▇▇▇ ▇▇▇ or any other affiliate or subsidiary of SLM Corporation, which, as of the Effective Date, has been recognized as a loss for financial accounting purposes.

Charged Off. . That means that the servicer informs the investor of the credit event; the credit enhancements are “tapped”; and, the investor is paid in full. Since the investor is paid in full, there is no longer a debt obligation. The left over data is what is purchased and serviced by Asset Acceptance.

Charged Off. Loan” in Section 1.01 of the Sale and Servicing Agreement is hereby amended and supplemented by adding the following to the end thereof: “; provided that, with respect to any Alarm Service Loan, any such determination shall be made from and after March 31, 2003.”