Compliance Managers and Compliance Management Program Clause Samples

Compliance Managers and Compliance Management Program. (a) Company and Bank shall each appoint one compliance manager for the Program (each, a “Compliance Manager”). The Compliance Managers shall establish appropriate Compliance Management Programs to govern the legal, regulatory and Network compliance aspects of the Program, including direction to enable Company’s day-to-day operational oversight of the Compliance Management Programs as servicer, and coordinate the interactions between Company and Bank with respect thereto, including any compliance remediation processes and with respect to the application of Applicable Law to the Compliance Management Programs. Each party shall comply with the Compliance Management Programs to the extent applicable to its activities and obligations under this Agreement. The parties’ agreement with respect to the initial Compliance Management Programs, changes thereto and certain other legal and compliance matters are set forth in Schedule 4.8. (b) In addition to the Program Decision Matters referred to in Section 4.8(a) and clause (a) of Schedule 4.8, the Compliance Managers shall also discuss from time to time any other legal, regulatory and Network compliance matters or questions relating to the Program, 37 including any questions regarding the impact of Applicable Law on other Program policies and procedures and on the parties’ rights and obligations under this Agreement. (c) through (e) [RESERVED]