Duties of Lender. The powers conferred on Lender hereunder are solely to protect its interest in the Collateral and shall not impose any duty upon it to exercise any such powers. Lender's duty with reference to the Collateral shall be solely to use slight care in the custody and preservation of the Collateral, which shall not include any steps necessary to preserve rights against prior parties. Lender shall have no responsibility or liability for the collection of any Collateral or by reason of any invalidity, lack of value or uncollectability of any of the payments received by it.
Duties of Lender. LENDER will use the Loan Processing Program as its exclusive mortgage lending program for loans originated by it through its American Finance Internet Origination Center with respect to those states identified in Appendix A. In connection with the Loan Processing Program, LENDER will perform the following functions:
1.2.1 LENDER will use its best efforts to market, promote and advertise the availability of residential mortgage loans, pursuant to LENDER's marketing plan and budget.
1.2.2 LENDER will originate and deliver to PROCESSOR applications for mortgage loans in accordance with all applicable mortgage loan specifications and guidelines agreed upon by LENDER and PROCESSOR.
1.2.3 LENDER will transmit to PROCESSOR, by electronic mail or other means, any mortgage loan application received from its customers by LENDER through the American Finance Internet Origination Center with respect to the states identified in Appendix A. The complete application packages must be transmitted to and received by PROCESSOR for processing within 24 hours of receipt.
1.2.4 Underwriting standards utilized by LENDER will be in conformity with applicable law and guidelines of secondary market investors, including the Federal National Mortgage Association, Federal Home Loan Mortgage Corporation, and the Government National Mortgage Association, and/or the guidelines of private investors, as applicable.
1.2.5 LENDER will retain ultimate responsibility for underwriting decisions and will review and approve or deny each loan, including PROCESSOR's recommended credit and underwriting decisions for each loan. LENDER shall have the opportunity to provide a "second review" of all denied or incomplete loan application files.
1.2.6 LENDER will be named as the payee on all loans and all disclosures will be given to borrowers in the name of the LENDER.
1.2.7 LENDER will fund all loans originated through the Loan Processing Program, using its own funds or funds obtained through a warehouse line of credit, which funds shall be disbursed by LENDER to PROCESSOR or its agent in accordance with funding instructions from PROCESSOR for the loan closing.
1.2.8 LENDER agrees to sell to PROCESSOR all loans made by LENDER under the Loan Processing Program under terms and conditions set forth in the License Agreement. Such loans will be sold on a non-recourse basis.
Duties of Lender a. Lender will be solely responsible for ensuring that all of its application, origination and closing guidelines and procedures and documentation, including without limitation the Policies and Procedures and the Loan Documents, comply with all federal and state laws, regulations, rulings and interpretations applicable to Lender and/or with respect to the related Loan.
b. Lender shall be solely responsible for the closing of the Loan, receipt of the Loan Documents and receipt of any fees to be charged by Lender to the Borrower.
c. Within ten (10) Business Days following the cure period described herein, Lender will repurchase Participant’s Participation Interest in such Loan (at par plus accrued unpaid interest) a Loan, if with respect to such Loan, Lender’s Personnel failed to comply with the Policies and Procedures in underwriting, approving or closing the Loan (except to the extent that such failure relates to obtaining or maintaining the Loan Documents), the non-compliance was caused by the gross negligence or fraudulent or deliberate misconduct by Lender’s Personnel, and such failure has not been cured within thirty (30) days after discovery thereof by Lender.
d. Participant, its duly authorized representatives, and any other governmental or quasi-governmental authority regulating the activities of Participant or the Loans shall have the privilege of auditing, whenever it desires during regular business hours (provided that, in the case of an audit by Participant or its representatives, reasonable advance notice has been provided to Lender), the books and records of the Lender pertaining to all Loans covered by this Agreement.
Duties of Lender. Lender shall not be liable or responsible in any way for any loss or damage to the Notes Receivable or Receivables Collateral caused by any warehouseman, carrier, forwarding agency, the Lockbox Agent (while the Lockbox Agent is any Person other than Lender or any of its Affiliates), Servicing Agent, Custodial Agent or any other Person whomsoever, excluding damages or losses that occur as a result of Lender's gross negligence or willful misconduct.
Duties of Lender. Lender and each Borrower agree that, in paying any draft under any LC, Lender has no responsibility to obtain any document (OTHER THAN any documents expressly required by the respective LC) or to ascertain or inquire as to any document's validity, enforceability, sufficiency, accuracy, or genuineness or the authority of any Person delivering it. Neither Lender nor its Representatives will be liable to any Company for any LC's use or for any beneficiary's acts or omissions (INCLUDING, WITHOUT LIMITATION, ANY ACTS OR OMISSIONS CONSTITUTING ORDINARY NEGLIGENCE). Any action, inaction, error, delay, or omission taken or suffered by Lender or any of its Representatives in connection with any LC, applicable drafts or documents, or the transmission, dispatch, or delivery of any related message or advice, if in good faith and in conformity with applicable Legal Requirements and in accordance with the standards of care specified in the UNIFORM CUSTOMS AND PRACTICES FOR DOCUMENTARY CREDITS (1993 REVISION), INTERNATIONAL CHAMBER OF COMMERCE PUBLICATION NO. 500 (as amended or modified), is binding upon the Companies and Lender and, except as provided in SECTION 2.3(d), does not place Lender or any of its Representatives under any resulting liability to any Company. Lender is not liable to any Company for any action taken or omitted, in the absence of gross negligence or willful misconduct, by Lender or its Representative in connection with any LC.
Duties of Lender. Notwithstanding any provision contained in this Agreement, none of Lender or the Bank Product Providers shall have any duty to exercise any of the rights, privileges or powers afforded to it and shall not be responsible to Debtor or any other Person for any failure to do so or delay in doing so. None of Lender or the Bank Product Providers shall have any duty or liability to exercise or preserve any rights, privileges or powers pertaining to the Trademark Collateral other than the exercise of commercially reasonable behavior in accordance with applicable law.
Duties of Lender a. Lender will be solely responsible for ensuring that all of its application, origination and closing guidelines and procedures and documentation, including without limitation the Policies and Procedures and the Loan Documents, comply with all federal and state laws, regulations, rulings and interpretations applicable to Lender and/or with respect to the related Loan.
b. Lender shall be solely responsible for the closing of the Loan, receipt of the Note, Mortgage, and other Loan Documents and receipt of any fees to be charged by Lender to the customer, including but not limited to Origination Fees.
c. Within ten (10) Business Days following the cure period described herein, Lender will remove from the Participation Portfolio (and repurchase Participant’s Participation Interest in such Loan at par plus accrued unpaid interest) a Loan, if with respect to such Loan, Lender’s Personnel failed to comply with the Underwriting Criteria in underwriting, approving or closing the Loan (except to the extent that such failure relates to obtaining or maintaining the Loan Documents), the non-compliance was caused by the gross negligence or fraudulent or deliberate misconduct by Lender’s Personnel, and such failure has not been cured within thirty (30) days after discovery thereof by Lender.
d. Lender shall furnish to Participant copies of its financial statements and such other information or reports relating to its financial condition and/or the Loans covered under this Agreement as Participant may reasonably request from time to time.
Duties of Lender. Lender* duty regarding the Collateral at any time ----------------- prior to full and final payment of all of the Obligations is solely to use reasonable care in the custody and preservation of the Collateral. Lender is deemed to have exercised reasonable care in the custody and preservation of the Collateral if the Collateral is accorded treatment substantially equal to that which Lender accords her own property. Lender has no responsibility for ascertaining or taking action with respect to fixing or preserving rights against prior parties to the Collateral, calls, conversions, exchanges, maturities, tenders, or other matters relative to any Collateral or for informing NGC or BHG of these matters regardless of whether Lender has or is deemed to have any knowledge of these matters. Lender is not required to take any steps necessary to preserve any rights in the Collateral against prior parties or to protect, perfect, preserve, or maintain any security interest given to secure the Collateral. Lender is not liable for her failure to use due diligence in the collection of the Obligations, or for her failure to give notice to NGC or BHG of default in the payment of the Obligations, or in the payment of or upon any security, whether pledged under this ARSA or otherwise, nor for a decline in the market value of the Collateral.
Duties of Lender. The Lender shall manage, service and administer or cause to be managed, serviced and administered all Credit Facilities with reasonable care, using that degree of skill and attention that the Lender exercises with respect to all comparable credit facilities that it administers for itself. The Lender’s duties shall include all credit review and approval functions, including processing all requests for Credit Extensions from Approved Borrowers, collection and posting of all payments, managing all requests for waivers and amendments to the Credit Facilities, responding to inquiries of Approved Borrowers, sending remittance advises to Approved Borrowers, reporting tax information to Approved Borrowers, accounting for collections and furnishing monthly statements to OPY Credit Corp.
Duties of Lender. (a) Lender shall timely make all payments to Servicer required under this Agreement subject to the terms and conditions hereof.
(b) Lender shall provide to Servicer such information as is reasonably necessary for Servicer to perform its duties hereunder.
(c) Lender, in its sole discretion, shall determine all of the conditions, terms, services and features offered to Borrowers, including, but not limited to, Finance Charge rate and other charges, credit limits, credit standards, collection procedures and asset quality of the Loans, and shall communicate same to Servicer. Copies of Lender's policies and procedures governing the Loans and documents evidencing the conditions, terms services and features offered to Borrowers, including sample Loan Documents, have been provided to Servicer and will be updated and amended by Lender, as necessary and appropriate.
(d) During the term of this Agreement and any renewal term or terms of this Agreement, Lender shall make Loans to Borrowers referred by Servicer which meet Lender's credit standards for approval of such Loans and conform to Lender's criteria and terms for Loans, subject to terms and conditions of this Agreement, including, but not limited to, the conditions imposed under Section 2.08 of this Agreement. Lender has provided to Servicer the criteria and terms of the Loans acceptable to Lender, which Lender may amend in its sole discretion at any time and from time to time.
