Common use of General Duties and Authority Clause in Contracts

General Duties and Authority. METROPOLITAN shall provide services related to Receivables acquisition, underwriting and sales services to INVESTOR which shall be performed substantially in compliance with the following: a. METROPOLITAN shall secure opportunities for INVESTOR to purchase and sell Receivables through the use of METROPOLITAN'S acquisition system, industry contacts and the other methods developed by METROPOLITAN for its own Receivable purchases. b. In reviewing the Receivables offered for purchase to, or for sale from, INVESTOR, METROPOLITAN shall review, among other things, the Receivables loan to value ratio, collateral value, collateral condition, payment record, payor's credit, title reports and legal documents, taking into account the investment guidelines provided by INVESTOR. c. METROPOLITAN or its agent shall close the Receivables acquisition or sale in a manner that is consistent with industry standards for the type of Receivables and the location where the Receivables acquisition or sale is closed. Management, Receivables Acquisition Agreement METROPOLITAN/OSL. -1- d. METROPOLITAN shall originate all Receivables on behalf of and in the name of INVESTOR. e. INVESTOR shall allow METROPOLITAN to use funds from INVESTOR's bank account solely for the purpose of acquiring Receivables under this Agreement. METROPOLITAN shall also place all funds received from the sale of INVESTOR Receivables into INVESTOR's bank account. INVESTOR and METROPOLITAN funds shall not be commingled. Only METROPOLITAN employees duly authorized in writing, by both METROPOLITAN and INVESTOR, shall have access to the INVESTOR bank account for purposes of this Agreement. f. METROPOLITAN shall prepare and maintain such books, records, computer systems and procedures as shall be necessary to pursue offers for the purchase or sale of Receivables and as necessary to execute the purchase or sale of Receivables. g. METROPOLITAN shall furnish to INVESTOR such periodic, special or other reports or information as requested by INVESTOR including reports of total Receivables purchased and sold, closing periods and closing costs. All such reports, documents or information shall be provided in accordance with all reasonable instructions and directions which INVESTOR may give. h. INVESTOR shall have ultimate control and responsibility of the functions it has delegated to METROPOLITAN under this Agreement.

General Duties and Authority. METROPOLITAN shall provide services related to Receivables acquisition, underwriting and sales services to INVESTOR which shall be performed substantially in compliance with the following: a. METROPOLITAN shall secure opportunities for INVESTOR to purchase and sell Receivables through the use of METROPOLITAN'S acquisition system, industry contacts and the other methods developed by METROPOLITAN for its own Receivable purchases. b. In reviewing the Receivables offered for purchase to, or for sale from, INVESTOR, METROPOLITAN shall review, among other things, the Receivables loan to value ratio, collateral value, collateral condition, payment record, payor's credit, title reports and legal documents, taking into account the investment guidelines provided by INVESTOR. c. METROPOLITAN or its agent shall close the Receivables acquisition or sale in a manner that is consistent with industry standards for the type of Receivables and the location where the Receivables acquisition or sale is closed. Management, Receivables Acquisition Agreement METROPOLITAN/OSL. -1-. d. METROPOLITAN shall originate all Receivables on behalf of and in the name of INVESTOR. . Management, Receivables Acquisition Agreement METROPOLITAN / OWAL -1- e. INVESTOR shall allow METROPOLITAN to use funds from INVESTOR's bank account solely for the purpose of acquiring Receivables under this Agreement. METROPOLITAN shall also place all funds received from the sale of INVESTOR Receivables into INVESTOR's bank account. INVESTOR and METROPOLITAN funds shall not be commingled. Only METROPOLITAN employees duly authorized in writing, by both METROPOLITAN and INVESTOR, shall have access to the INVESTOR bank account for purposes of this Agreement. f. METROPOLITAN shall prepare and maintain such books, records, computer systems and procedures as shall be necessary to pursue offers for the purchase or sale of Receivables and as necessary to execute the purchase or sale of Receivables. g. METROPOLITAN shall furnish to INVESTOR such periodic, special or other reports or information as requested by INVESTOR including reports of total Receivables purchased and sold, closing periods and closing costs. All such reports, documents or information shall be provided in accordance with all reasonable instructions and directions which INVESTOR may give. h. INVESTOR shall have ultimate control and responsibility of the functions it has delegated to METROPOLITAN under this Agreement.