Common use of Application Processing Clause in Contracts

Application Processing. (a) On behalf of Bank, and at all times in compliance with Bank’s Credit Policy, Program Manager shall process Applications from Applicants, and submit such Applications for automated decisioning (including, but not limited to, obtaining credit reports on behalf of Bank) to determine whether the Applicant satisfies the Bank’s eligibility criteria for the establishment of a Loan Account. (b) Program Manager will maintain for Bank the name, address, social security number, date of birth and any other information required by the Bank, regarding each Applicant who meets the eligibility criteria set forth in Bank’s Credit Policy. Program Manager shall have no discretion to override Bank’s Credit Policy with respect to any Applications. (c) Program Manager shall ensure that the subvendors approved by Bank (“Approved Subvendors”) process all Authorization Requests in accordance with Bank’s Credit Policy. Program Manager shall have no discretion to override Bank’s Credit Policy with respect to any Authorization Request. (d) Program Manager or its Approved Subvendors shall on Bank’s behalf respond to inquiries from Applicants regarding the Application process, provide to Applicants and Borrowers all notices and documents required by Applicable Laws, including, but not limited to adverse action notices with regard to Applications that do not meet Bank’s Credit Policy or are otherwise denied by Bank, Bank’s Loan Account Agreements with regard to Applications that are approved by Bank and Bank’s privacy notices, and provide in the name of the Bank any other customer communications in accordance with the Procedures. (e) Subject to the terms of this Agreement, if an Applicant qualifies for a Loan Account or a Borrower qualifies for an Authorization Request under the objectively applied criteria of Bank’s Credit Policy, Bank shall establish a Loan Account for the Applicant, and extend credit and fund loans to the Applicant or Borrower. (f) Program Manager shall hold and maintain all Bank documents pertaining to Loan Accounts in accordance with Bank’s prescribed retention timeframes. Program Manager will take all commercially reasonable steps to preserve all original documents pertaining to the Loan Accounts, and adhere to all Federal guidance on customer identification regulations. Program Manager shall provide Bank with copies of such documents within a reasonable period of time following Bank’s request. (g) Program Manager shall cooperate and assist Bank in implementing programs and procedures necessary to meet all Bank Secrecy Act, Anti Money Laundering and Customer Identification Program standards. The programs and policies shall include a detailed action plan to be implemented and followed by the Program Manager and its Approved Subvendors, including but not limited to, data collection, retention and reporting standards, training standards, delegation of duties and responsibilities, audit procedures, testing, and other independent review procedures, and policies and programs necessary to comply with Applicable Laws. (h) Program Manager and its Approved Subvendors shall perform all of its obligations described in this Section and the services set forth in Exhibit I hereto on Bank’s behalf under Bank’s supervision, control and direction, and deliver or provide any customer communications to Applicants and Borrowers as necessary to carry on the Program, all in accordance with the Procedures.

Application Processing. (a) On behalf of Bank, and at all times in compliance with Bank’s Credit Policy, Program Manager shall process on behalf of Bank receive Applications from Applicants, Applicants and submit such Applications for automated decisioning processing (including, but not limited to, obtaining credit reports on behalf of Bank) to determine whether or not the Applicant satisfies the Bank’s eligibility criteria for established by Bank from time to time as set forth in the establishment of a Loan AccountBank Credit Policy. (b) Program Manager will maintain for shall forward to Bank the name, address, social security number, date of birth and any other information required by the Bank, regarding each Applicant who meets the eligibility criteria set forth in Bank’s the Bank Credit Policy. Program Manager shall have no discretion to override Bank’s the Bank Credit Policy with respect to any Applications. (c) Program Manager shall ensure that the subvendors subcontractors approved by Bank (“Approved SubvendorsSubcontractors”) process all Authorization Requests in accordance with Bank’s the Bank Credit Policy. Program Manager shall have no discretion to override Bank’s the Bank Credit Policy with respect to any Authorization Request. (d) Program Manager or its Approved Subvendors shall on Bank’s behalf respond to inquiries from Applicants regarding the Application process, provide to Applicants and Borrowers all notices and documents required by Applicable Laws, including, but not limited to adverse action notices with regard to Applications that do not meet Bank’s the Bank Credit Policy or are otherwise denied by Bank, Bank’s Loan Account Agreements with regard to Applications that are approved by Bank and Bank’s privacy notices, and provide in the name of the Bank any other customer communications in accordance with the Procedures. (e) Subject to the terms of this Agreement, if an Applicant qualifies for a Loan Account or a Borrower qualifies for an Authorization Request under the objectively applied criteria of Bank’s the Bank Credit Policy, Bank shall establish a Loan Account for the Applicant, and extend credit and fund loans to the Applicant or Borrower. (f) Program Manager shall hold and maintain all Bank documents pertaining to Loan Accounts in accordance with Bank’s prescribed retention timeframes. Program Manager will take all commercially reasonable steps to preserve all original documents pertaining to the Loan Accounts, and adhere to all Federal guidance on customer identification regulations. Program Manager shall provide Bank with copies of such documents within a reasonable period of time following Bank’s request. (g) Program Manager shall cooperate and assist Bank in implementing programs and procedures necessary to meet all Bank Secrecy Act, Anti Money Laundering and Laundering, Customer Identification Program standards. The programs and policies shall include a detailed action plan to be implemented and followed by the Program Manager and its Approved SubvendorsParties, including but not limited to, data collection, retention and reporting standards, training standardsstandards applicable to Program Manager employees and its subcontractors, delegation of duties and responsibilities, audit procedures, testing, and other independent review procedures, and policies and programs necessary to comply with Applicable Laws. (h) Program Manager and its Approved Subvendors shall perform all of its obligations described in this Section and the services set forth in Exhibit I hereto on Bank’s behalf and under Bank’s supervision, control and direction, and deliver or provide any customer communications to Applicants and Borrowers as necessary to carry on the Program, all in accordance with the Procedures.