Common use of Contract Issue Clause in Contracts

Contract Issue. LENDER shall issue CONTRACTS to DEBTORS. LENDER shall, as promptly as possible following the sale by LENDER of CONTRACTS but no later than thirty (30) days after each such sale, report and remit to ADMINISTRATOR completed copies of CONTRACTS together with the current rate for such CONTRACTS listed in the applicable current rate schedule, which may be changed upon thirty days notice. Neither ADMINISTRATOR nor the insurance carrier shall have any obligation to LENDER or DEBTOR with respect to any CONTRACT until LENDER shall have timely remitted to ADMINISTRATOR the full amount of the current rate. Any acceptance by ADMINISTRATOR of CONTRACTS not submitted on a timely basis does not constitute waiver of the right of ADMINISTRATOR to reject a CONTRACT not timely submitted and to exclude such CONTRACT from the terms of this AGREEMENT. Any refund made by LENDER to DEBTOR as provided for in the CONTRACT shall be paid by LENDER as described in CONTRACT. ADMINISTRATOR shall be responsible to refund to LENDER any unearned fees in accordance with the same terms as the refund provision allowed in the CONTRACT. Any cancellation fee provided for in the CONTRACT shall be retained by ADMINISTRATOR. LENDER acknowledges that a lending institution which may take assignment of the CONTRACT may have specific refund requirements. LENDER and ADMINISTRATOR agree that if refund requirements of such lending institution differ from the CONTRACT, its requirements shall apply.

Contract Issue. LENDER shall issue CONTRACTS to DEBTORS. LENDER shallXXXXXX xxxxx, as promptly as possible following the sale by LENDER of CONTRACTS but no later than thirty (30) days after each such sale, report and remit to ADMINISTRATOR completed copies of CONTRACTS together with the current rate for such CONTRACTS listed in the applicable current rate schedule, which may be changed upon thirty days notice. Neither ADMINISTRATOR nor the insurance carrier shall have any obligation to LENDER or DEBTOR with respect to any CONTRACT until LENDER shall have timely remitted to ADMINISTRATOR the full amount of the current rate. Any acceptance by ADMINISTRATOR of CONTRACTS not submitted on a timely basis does not constitute waiver of the right of ADMINISTRATOR to reject a CONTRACT not timely submitted and to exclude such CONTRACT from the terms of this AGREEMENT. Any refund made by LENDER to DEBTOR as provided for in the CONTRACT shall be paid by LENDER XXXXXX as described in CONTRACT. ADMINISTRATOR shall be responsible to refund to LENDER any unearned fees in accordance with the same terms as the refund provision allowed in the CONTRACT. Any cancellation fee provided for in the CONTRACT shall be retained by ADMINISTRATOR. LENDER XXXXXX acknowledges that a lending institution which may take assignment of the CONTRACT may have specific refund requirements. LENDER and ADMINISTRATOR agree that if refund requirements of such lending institution differ from the CONTRACT, its requirements shall apply.