Chargeoff definition

Chargeoff means (i) any Contract that has been deemed by the Servicer to be uncollectible and charged off, (ii) if the related Financed Vehicle has not been repossessed, any Contract for which 10% or more of a Scheduled Payment becomes more than 120 days delinquent, (iii) if the related Financed Vehicle has been repossessed, any Contract for which either (A) 10% or more of Scheduled Payment becomes more than 180 days delinquent or (B) 90 days have passed from the date of repossession, or (iv) any Contract the Obligor under which has filed for bankruptcy under Federal or state law and the Servicer has determined that its loss is known.
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Chargeoff means removal of the Account balance from the total outstanding ledger balances on the FDR System, and categorizing such Account as a charged off Account on such System.
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Chargeoff means a Chargeback that is deemed by the Company to be uncollectible from a Merchant due to insufficient funds, refusal to pay, closed merchant deposit account, insolvency, bankruptcy or any other reason.
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Examples of Chargeoff in a sentence

  • The Master Servicer shall not make an advance with respect to any Charged-off Mortgage Loan after the related Charge-off Date.

  • Charge-off of Loans Authority is granted to Servicer to charge off loans that are 180 days contractually delinquent, with the approval by Owner of an impact analysis form.

  • Post Charge-off Transfer Authority is granted to Servicer to initiate service transfer for loans that have been fully charged-off, or have been sold from REO, with a resulting loss.

  • A Principal Chargeoff Reimbursement in relation to the Standby Redraw Facility Principal pursuant to clause 9.2 of the Series Supplement increases the amount of the Standby Redraw Facility Principal immediately prior to such Principal Chargeoff Reimbursement with effect from the Distribution Date following the Determination Date upon which the Principal Chargeoff Reimbursement was determined.

  • Number Days from Acquisition to Close A Days from Acquisition to Close Number Days from Possession to Close A Days from Possession to Close Number Charge-off amount A Loss amount.

  • The Master Servicer shall be obligated to make any such Advance only to the extent that such advance would not be a Nonrecoverable Advance; provided however, that the Master Servicer shall not have the obligation (and shall not) make an Advance with respect to any Charged-off Mortgage Loan after the related Charge-off Date.

  • Number Days from Acquisition to Close Days from Acquisition to Close Number Days from Possession to Close Days from Possession to Close Number Charge-off amount Loss amount.

  • On each Payment Date, Investor Charge-off Amounts (as defined in the Sale and Servicing Agreement) shall be allocated to and applied in reduction of the principal balance of the Lower-Tier Interests (other than the LT-P Lower-Tier Interest) and the Class L Certificate in the same manner in which principal is distributed on the Lower-Tier Interests pursuant to priorities (5) and (6) above.

  • Charge-off Balance must be paid to zero and a new credit report is required for the flag to be removed.

  • On each Payment Date, Investor Charge-off Amounts (as defined in the Sale and Servicing Agreement) shall be allocated to and applied in reduction of the principal balance of the Lower-Tier Interests and the Class L Certificate in the same manner in which principal is distributed on the Lower-Tier Interests pursuant to priorities (5) and (6) above.