Common use of General Duties and Authority Clause in Contracts

General Duties and Authority. METROPOLITAN shall provide receivable acquisition services to SUMMIT which shall be performed substantially in compliance with the following: a. METROPOLITAN shall secure opportunities for SUMMIT to purchase receivables through the use of METROPOLITAN's branch office system, industry contacts and the other methods developed by METROPOLITAN for its own receivable purchases. b. In reviewing the receivables offered to SUMMIT, METROPOLITAN shall review, among other things, the receivable loan to value ratio, security value, security condition, payment record, payor's credit, security title reports and legal documents, taking into account the investment guidelines provided by SUMMIT. c. METROPOLITAN or its agent, shall close the receivable purchase in a manner and using practices which are consistent with industry standards for the location where the receivable is closed. d. Loans resulting from financing that may be provided by METROPOLITAN as a means to induce the purchase of property (e.g. for the financing of repossession resales or other seller financing) may be placed in SUMMIT's receivable portfolio if such receivables are consistent with SUMMIT's investment guidelines. e. METROPOLITAN shall prepare and maintain such books, records, computer systems and procedures as shall be required and necessary to maintain control over the day to day activities regarding offers to purchase and closing of receivable purchases. f. METROPOLITAN shall furnish to SUMMIT such periodic, special or other reports or information as requested by SUMMIT including reports of total receivables purchased, closing periods and closing costs. All such reports, documents or information shall be provided by and in accordance with all reasonable instructions and directions which SUMMIT may give. g. METROPOLITAN may carry out any other activity or procedure, which in METROPOLITAN's discretion, is necessary or appropriate in connection with the acquisition and closing of the receivables for the benefit of SUMMIT. 2. RECEIVABLE ACQUISITION SERVICES FEE: SUMMIT shall pay METROPOLITAN fees for Receivable Acquisition and Support Services provided by METROPOLITAN to SUMMIT. Fees shall be determined by mutual agreement of the parties. 3.

General Duties and Authority. METROPOLITAN shall provide receivable acquisition services to SUMMIT OLD STANDARD which shall be performed substantially in compliance with the following: a. METROPOLITAN shall secure opportunities for SUMMIT OLD STANDARD to purchase receivables through the use of METROPOLITAN's branch office system, industry contacts and the other methods developed by METROPOLITAN for its own receivable purchases. b. In reviewing the receivables offered to SUMMITOLD STANDARD, METROPOLITAN shall review, among other things, the receivable loan to value ratio, security value, security condition, payment record, payor's credit, security title reports and legal documents, taking into account the investment guidelines provided by SUMMITOLD STANDARD. c. METROPOLITAN or its agent, shall close the receivable purchase in a manner and using practices which are consistent with industry standards for the location where the receivable is closed. d. Loans resulting from financing that may be provided by METROPOLITAN as a means to induce the purchase of property (e.g. for the financing of repossession resales or other seller financing) may be placed in SUMMITOLD STANDARD's receivable portfolio if such receivables are consistent with SUMMITOLD STANDARD's investment guidelines. e. METROPOLITAN shall prepare and maintain such books, records, computer systems and procedures as shall be required and necessary to maintain control over the day to day activities regarding offers to purchase and closing of receivable purchases. f. METROPOLITAN shall furnish to SUMMIT OLD STANDARD such periodic, special or other reports or information as requested by SUMMIT OLD STANDARD including reports of total receivables purchased, closing periods and closing costs. All such reports, documents or information shall be provided by and in accordance with all reasonable instructions and directions which SUMMIT OLD STANDARD may give. g. METROPOLITAN may carry out any other activity or procedure, which in METROPOLITAN's discretion, is necessary or appropriate in connection with the acquisition and closing of the receivables for the benefit of SUMMITOLD STANDARD. 2. RECEIVABLE ACQUISITION SERVICES FEE: SUMMIT OLD STANDARD shall pay METROPOLITAN fees for Receivable Acquisition and Support Services provided by METROPOLITAN to SUMMITOLD STANDARD. Fees shall be determined by mutual agreement of the parties. 3.

General Duties and Authority. METROPOLITAN shall provide receivable acquisition services to SUMMIT ARIZONA LIFE which shall be performed substantially in compliance with the following: a. METROPOLITAN shall secure opportunities for SUMMIT ARIZONA LIFE to purchase receivables through the use of METROPOLITAN's branch office system, industry contacts and the other methods developed by METROPOLITAN for its own receivable purchases. b. In reviewing the receivables offered to SUMMITARIZONA LIFE, METROPOLITAN shall review, among other things, the receivable loan to value ratio, security value, security condition, payment record, payor's credit, security collateral title reports and legal documents, taking into account the investment guidelines provided by SUMMITARIZONA LIFE. c. METROPOLITAN or its agent, shall close the receivable purchase in a manner and using practices which are consistent with industry standards for the location where the receivable is closed. d. Loans resulting from financing that may be provided by METROPOLITAN as a means to induce the purchase of property (e.g. for the financing of repossession resales or other seller financing) may be placed in SUMMITARIZONA LIFE's receivable portfolio if such receivables are consistent with SUMMITARIZONA LIFE's investment guidelines. , as set forth in Exhibit A. e. METROPOLITAN shall prepare and maintain such books, records, computer systems and procedures as shall be required and necessary to maintain control over the day to day activities regarding offers to purchase and closing of receivable purchases. f. METROPOLITAN shall furnish to SUMMIT ARIZONA LIFE such periodic, special or other reports or information as requested by SUMMIT ARIZONA LIFE including reports of total receivables purchased, closing periods and closing costs. All such reports, documents or information shall be provided by and in accordance with all reasonable instructions and directions which SUMMIT ARIZONA LIFE may give. g. METROPOLITAN may carry out any other activity or procedure, which in METROPOLITAN's discretion, is necessary or appropriate in connection with the acquisition and closing of the receivables for the benefit of SUMMITARIZONA LIFE. 2. RECEIVABLE ACQUISITION SERVICES FEEYIELD REQUIREMENT: SUMMIT ARIZONA LIFE shall pay purchase receivables from METROPOLITAN fees at the yield requirement established by ARIZONA LIFE. Such yield requirement may be changed by ARIZONA LIFE at any time and from time to time in its sole discretion. Such changes will apply prospectively for Receivable Acquisition and Support Services provided by METROPOLITAN all acquisitions made subsequent to SUMMIT. Fees shall be determined by mutual agreement of the partieschange. 3.