Common use of Underwriting Criteria Clause in Contracts

Underwriting Criteria. All Eligible Consumer Loans pledged as Collateral to the Agent subsequent to the date of execution of this Credit Agreement will be consistent with the Borrower's general underwriting criteria as approved in writing by the Required Banks, including, without limitation, (i) the requirement that a majority of sales shall be made to consumer borrowers with minimum annual income as follows: $35,000 for Texas, $40,000 for Illinois, and $45,000 for Massachusetts and (ii) the requirement that each consumer borrower shall have a major credit card issued in his or her name. In addition to the foregoing, the Borrower shall ensure that the weighted average FICO Credit Bureau Scores of all consumer borrowers with respect to which a FICO Credit Bureau Score can be obtained be not less than 640. The Borrower shall not materially alter its general underwriting criteria without the prior written approval of the Required Banks, which approval may be withheld by the Required Banks in their sole discretion. On an annual basis, the Borrower shall provide the Agent with written certification that the underwriting criteria as approved by the Required Banks remains in full force and effect and has not been revised or altered without the Required Banks' consent.