Common use of Credit Department Clause in Contracts

Credit Department. AFC shall have the following objectives in its Credit Department: • To set the level of funds and monitor performance to make sure AFC is achieving rates of return adequate to meet budgeted profit objectives • To consider all risks involved with a loan and to evaluate and analyze risk factors during the period that the loan is available • To maintain a moderately aggressive lending posture that achieves reasonable growth objectives • To avoid undue concentrations of exposure to any one credit loan The primary functions of the Credit Department shall be to: • Process loan applications and prepare recommendations for approval by the Credit Department and Credit Committee • Obtain all required loan documentation • Manage force-placed insurance • Establish and update the credit file for each loan • In addition to these primary duties, other functions may be assigned to the department by the President The President shall be responsible for the general administration and supervision of the loan portfolio. He shall monitor compliance with this policy and shall see that reports of loans approved and other lending activities are made to the Credit Committee. The President or his designee has authority to approve loans up to and including [*]. The Chief Operating Officer shall have primary responsibility for compliance with the policies stated herein and shall see that proper and complete reports are made to the Credit Committee. The Director of Credit Services (DCS) shall be responsible for the day-to-day operation of the Credit Department. The DCS shall see that loan forms and procedures are updated from time to time, that all Credit personnel are properly trained and that all lending operations are carried out in a prudent and proper manner. The DCS will ensure proper review of procedures and controls over the credit approval process. The DCS will establish and maintain approved credit limits. It is the DCS and/or the Credit Committee’s prerogative to restrict temporary increases in conjunction with line increases or new lines for [*]. The Credit Analyst has authority to approve new loans and existing loan increases up to and including [*] in accordance with the AFC Credit Scorecard. The Credit Analyst will use reasonable business judgment in addition to the scorecard when approving or declining loan applications. Loan approvals, which exceed the scorecard limit, require approval by the Credit Manager.

Credit Department. AFC shall have the following objectives in its Credit Department: • · To set the level of lend funds and monitor performance to make sure AFC is achieving at rates of return adequate to meet budgeted profit objectives • · To consider all risks involved with a loan and to evaluate and analyze analyse risk factors during the period that the loan is available • · To maintain a moderately aggressive lending posture that achieves reasonable growth objectives • · To avoid undue concentrations of exposure to any one credit loan The primary functions of the Credit Department shall be to: • · Process loan applications and prepare recommendations for approval by the Credit Department and Credit Committee • · Obtain all required loan documentation • · Manage force-placed insurance • · Establish and update the credit file for each loan • · In addition to these primary duties, other functions may be assigned to the department by the President Chief Executive Officer The President Chief Executive Officer shall be responsible for the general administration and supervision of the loan portfolio. He shall monitor compliance with this policy and shall see that reports of loans approved and other lending activities are made to the Credit Committee. The President Chief Executive Officer or his designee has authority to approve loans up to and including [*[ * ]. The Chief Operating Financial Officer shall have primary responsibility for compliance with the policies stated herein and shall see that proper and complete reports are made to the Credit Committee. The Director of Credit Financial Services (DCS) shall be responsible for the day-to-day operation of the Credit Department. The DCS Director of Financial Services shall see that loan forms and procedures are updated from time to time, that all Credit personnel are properly trained and that all lending operations are carried out in a prudent and proper manner. The DCS Director of Financial Services will ensure proper review of procedures and controls over the credit approval process. The DCS Director of Financial Services will establish and maintain approved credit limits. It is the DCS and/or the Credit Committee’s prerogative to restrict temporary increases in conjunction with line increases or new lines for [*]. The Credit Analyst has authority to approve new loans and existing loan increases up to and including [*] $150,000 US and $200,000 CANADIAN in accordance with the AFC Credit Scorecard. The Credit Analyst will use reasonable business judgment in addition to the scorecard when approving or declining loan applicationsTHE CREDIT ANALYST WILL USE REASONABLE BUSINESS JUDGMENT IN ADDITION TO THE SCORECARD WHEN APPROVING OR DECLINING LOAN APPLICATIONS. Loan approvals, which exceed the scorecard limit, require approval by the Credit Manager.. AFC - CREDIT POLICY

Credit Department. AFC shall have the following objectives in its Credit Department: • · To set the level of funds and monitor performance to make sure AFC is achieving rates of return adequate to meet budgeted profit objectives • · To consider all risks involved with a loan and to evaluate and analyze risk factors during the period that the loan is available • · To maintain a moderately aggressive lending posture that achieves reasonable growth objectives • · To avoid undue concentrations of exposure to any one credit loan The primary functions of the Credit Department shall be to: • · Process loan applications and prepare recommendations for approval by the Credit Department and Credit Committee • · Obtain all required loan documentation • · Manage force-placed insurance • · Establish and update the credit file for each loan • · In addition to these primary duties, other functions may be assigned to the department by the President The President shall be responsible for the general administration and supervision of the loan portfolio. He shall monitor compliance with this policy and shall see that reports of loans approved and other lending activities are made to the Credit Committee. The President or his designee has authority to approve loans up to and including [*]. The Chief Operating Officer shall have primary responsibility for compliance with the policies stated herein and shall see that proper and complete reports are made to the Credit Committee. The Director of Credit Services (DCS) shall be responsible for the day-to-day operation of the Credit Department. The DCS shall see that loan forms and procedures are updated from time to time, that all Credit personnel are properly trained and that all lending operations are carried out in a prudent and proper manner. The DCS will ensure proper review of procedures and controls over the credit approval process. The DCS will establish and maintain approved credit limits. It is the DCS and/or the Credit Committee’s prerogative to restrict temporary increases in conjunction with line increases or new lines for [*]. The Credit Analyst has authority to approve new loans and existing loan increases up to and including [*] $250K US and $300K Canadian in accordance with the AFC Credit Scorecard. The Credit Analyst will use reasonable business judgment in addition to the scorecard when approving or declining loan applications. Loan approvals, which exceed the scorecard limit, require approval by the Credit Manager.