Relationship with Bank. No Person having "control" of Borrower or any Subsidiary is an "executive officer," "director" or "person who directly or indirectly or in concert with one or more persons, owns, controls or has the power to vote more than 10% of any class of voting securities" (as such terms are defined in the Financial Institutions Regulatory and Interest Rate Control Act of 1978 and the regulations thereunder, as amended) of Bank or any bank with which Bank maintains correspondent accounts.
Relationship with Bank. Bank appoints Servicer as Bank’s representative or agent for the limited and sole purpose of rendering the marketing, solicitation, sales, distribution and other Services as set forth in this Agreement. In connection with this appointment, Bank and Servicer agree to the following:
(a) Servicer acknowledges Banks right to monitor and review the activities Servicer performs for Bank hereunder;
(b) Servicer acknowledges the statutory authority of Bank’s regulator, the Office of Thrift Supervision (“OTS”) to regulate and examine and take an enforcement action against the Servicer with respect to the activities performed by Servicer as agent or representative of the Bank;
(c) Servicer acknowledges that Bank has provided the Servicer with information and training designed to insure that Servicer will be adequately educated about the Bank’s products and services offered in connection with this Agreement, including the distinctions between insured and non-insured products, and relevant law that may apply to the marketing, solicitation and customer service activities instituted of behalf of Bank hereunder;
(d) Servicer acknowledges that Bank will review and update the training material on an annual basis and ensure that Servicer receives training as needed; training records will be made available for review by OTS examiners;
(e) Servicer acknowledges that Bank must adopt a detailed compliance program to ensure adequate monitoring, supervision and control over the Servicer and the activities the Servicer performs on behalf of the Bank. Such oversight includes ensuring that Servicer’s own anti-money laundering compliance programs are detailed, thorough, and implemented accurately and fully;
(f) Servicer acknowledges that Bank will undertake periodic reviews of the compliance program conducted under the auspices of the Bank’s compliance officer to determine if Servicer is operating in compliance with the Bank’s established policies and procedures regarding the marketing, solicitation, customer service, or other activities related to the Bank’s authorized banking products or services;
(g) Servicer acknowledges that Bank will institute a system for tracking and resolving consumer complaints involving Cards and Programs hereunder in a timely manner and will provide an annual report regarding Cardholder and other consumer complaints and their resolution to the Bank’s board of directors;
(h) Servicer acknowledges that a review and approval process will be undertaken by Ban...
Relationship with Bank. To the fullest extent permitted by law, any right, power or discretion conferred by this Deed (either expressly or impliedly) upon a Receiver of the Charged Assets may after the security created by this Deed becomes enforceable be exercised by the Bank in relation to any Charged Asset without first appointing a Receiver or notwithstanding the appointment of a Receiver.
