Common use of Check Processing Clause in Contracts

Check Processing. For certain loan programs, EVRI will be required by Bank Operation Procedures and Loan Standards to fund loans through the use of a check rather than a documentary draft. In those cases, EVRI will obtain all necessary information and Loan Documents in order to properly evidence the customer's loan obligation and the Bank's security interest in the vehicle (as set forth in the Operations Procedures and Loan Standards). Once all necessary documents and information are obtained, EVRI shall properly distribute all loan funds to customers, pay off other lenders, pay taxes or other titling fees, as required by and in conformance with the Operating Procedures.