Underwriting and Risk Management. (a) Subject to Section 2.1 with respect to Prepaid Employee Accounts, Bank shall accept or reject any Credit Card Application based solely upon application of the then-current Risk Management Policies. Upon satisfaction of the applicable credit criteria set forth in the Risk Management Policies, Bank shall promptly establish a Private Label Credit Account and/or a General Purpose Account, as applicable. The Credit Card types to be associated with such Accounts shall be established in accordance with the terms of the Loyalty Programs and the Risk Management Policies. Bank shall have the right, power and privilege to review periodically the creditworthiness of Cardholders to determine the range of credit limits to be made available to individual Cardholders and whether or not to suspend or terminate credit privileges of such Cardholders; provided, however, that Bank shall only decrease credit limits or suspend or terminate credit privileges on an individual Account basis consistent with the then current Risk Management Policies and in a manner consistent with Article III and this Section 4.6.
(b) The initial Risk Management Policies to be in effect as of the Effective Date are attached hereto as Schedule 4.6(b). Each Party may propose modifications of any aspect of the Risk Management Policies, which modifications shall be made only in accordance with Article III.
(c) The Program shall be operated throughout the Term to achieve the targets set forth in Schedule 4.6(c)(ii). In the case of any inconsistency between the terms of Schedule 4.6(c)(i) and (ii), the terms of Schedule 4.6(c)(ii) shall control. If the targets set forth in Schedule 4.6(c)(ii) are not achieved with respect to any measurement period set forth on Schedule 4.6(c)(ii) with respect to the applicable target, the actions set forth on Schedule 4.6(c)(iii) shall apply.
(d) In the event of a change in (i) the applicable through-the-door population or individual segment performance (as measured by validated scores or generally accepted, data driven credit risk metrics), (ii) industry wide performance expectations or (iii) Applicable Law, the Operating Committee shall consider and approve any changes to Schedules 4.6(c)(i) and 4.6(c)(ii) and shall preserve the targets or alternative targets, as appropriately and mutually agreed, and remedies set forth in such schedules, but after taking into account the relevant change referred to in clause (i), (ii) or (iii).
(e) Within fifteen (15) days after the...
Underwriting and Risk Management. (a) The Bank shall accept or reject any Application based solely upon application of the credit criteria contained in the then-current Risk Management Policies and in accordance with Applicable Law and the definition of “Program Eligible Applicants”. Upon satisfaction by an Applicant of the applicable credit criteria set forth in the Risk Management Policies, Applicable Law and the definition of “Program Eligible Applicant”, the Bank shall promptly establish an Account for such Applicant. [****].
(b) The Bank shall operate the Program in compliance with the Risk Management Policies and Collections Policies, as such Risk Management Policies and Collections Policies may be amended from time to time in accordance with the provisions of this Agreement. The material elements of the Risk Management Policies in effect as of the Effective Date are attached hereto as Schedule 4.6(b). [****] In connection with any proposed change to the Risk Management Policies, unless otherwise agreed by the Company, the Bank shall deliver to the Company all of the following information relating to each such proposed change [****]:
(i) [****]
(c) The Bank shall not implement or require the Company to implement any significant change to the Risk Management Policies [****]; however, that the Bank may in any event implement a change required by Applicable Law at any time such Applicable Law becomes effective (or in the case of any Applicable Law already in effect, at any time such Applicable Law is determined to be required to be applied to the Bank or the Program). The Bank shall notify the Company in writing at least [****] to a change to the Risk Management Policies required by Applicable Law, unless the Bank is required by Applicable Law to implement such change in less than [****] the date on which the Bank first becomes aware that such a change will likely be required, in which case the Bank shall provide the Company with notice as soon as practicable following the date the Bank becomes aware such change will likely be so required.
(d) The Bank shall comply with the requirements of [****] with respect to the [****] referred to in such Schedule [****].
(e) The Bank shall perform all commercially reasonable functions in accordance with the Risk Management Policies to minimize fraud in the Program due to lost, stolen or counterfeit cards and fraudulent applications.
(f) The Bank shall consider and propose from time to time [****].
(g) The Bank shall handle all stages of collections...
Underwriting and Risk Management. Pier 1 and Bank agree with respect to underwriting and risk management as set forth on Schedule 4.6.
Underwriting and Risk Management. (a) The Parties agree as set forth on Schedule 4.6(a) with respect to underwriting of the Accounts.
(b) The Parties agree as set forth on Schedule 4.6(b) with respect to the Risk Management Policies of the Program.
(c) The Parties agree as set forth on Schedule 4.6(c)(i) with respect to the account metrics referred to in Schedule 4.6(c).
(d) The Parties shall each perform all commercially reasonable security functions in accordance with the Risk Management Policies to minimize fraud in the Program due to lost, stolen or counterfeit cards and fraudulent applications, taking into consideration the impact of fraud prevention practices on Parent's retail sales. The Parties each agree to use commercially reasonable efforts to cooperate with each other in such functions.
Underwriting and Risk Management. Provided that an application is complete and otherwise complies with Applicable Law, Bank shall accept or reject any Application based solely upon application of the then-current Risk Management Policies applicable to the relevant channel. Upon satisfaction of the applicable credit criteria set forth in the Risk Management Policies, Bank shall promptly establish a Private Label Credit Account. The procedures for determining what type(s) of Pier 1 Credit Cards and Accounts shall be issued upon receipt of each Application are set forth in the Risk Management Policies. Bank shall have the right, power and privilege to review periodically the creditworthiness of Cardholders to determine the range of credit limits to be made available to an individual Cardholder and whether or not to increase, decrease, suspend, or terminate credit privileges of such Cardholder; provided, however, that Bank shall only decrease credit limits or suspend or terminate credit privileges on an individual, case-by-case basis consistent with the then-current Risk Management Policies and Operating Procedures.
Underwriting and Risk Management. (a) The Bank shall accept or reject any Application based solely upon application of the credit criteria contained in the then-current Risk Management Policies. Upon satisfaction by an Applicant of the applicable credit criteria set forth in the Risk Management Policies, the Bank shall promptly establish a Private Label Account or Co- 001549-0001-13793-Active.14250169.10 Branded Account, as applicable, for such Applicant. In accordance with the Risk Management Policies, the Bank shall have the right, power and privilege to review periodically the creditworthiness of Cardholders to determine the range of credit limits to be made available to an individual Cardholder and whether or not to suspend or terminate credit privileges of such Cardholder. Underwriting and credit decision actions taken by the Bank with respect to an Applicant or Cardholder under this Program shall not be less favorable to the Company or such Applicant or Cardholder than actions the Bank would take with respect to an applicant or cardholder with the same credit characteristics for eight-five percent (85%) of credit card programs or portfolios that are subject to supervision by Bank Parent's risk management department, excluding any portfolios pursuant for which the Bank is directly compensated by its partner to apply underwriting criteria that are less stringent than Bank's standard underwriting criteria. Beginning on the Effective Date and continuing until the end of the Termination Period, the Bank shall make available to the Company Instant Credit in all Company Channels approved by the Operating Committee.
(b) The Bank shall comply with the Risk Management Policies, as such Risk Management Policies may be amended from time to time in accordance with the provisions of this Agreement. Each Party may propose modifications of any aspect of the Risk Management Policies in accordance with this Section 4.6. In connection with any proposed material change to the Risk Management Policies, the Bank shall, upon the request of the Company, offer the Company the opportunity to test such change for a limited period of time on a segment of Accounts or region of stores (as reasonably determined by the Bank in consultation with the Company to be a segment or region that is representative of the portfolio as a whole (or the portion of the portfolio to be impacted by the proposed change) but sufficiently small so as not to have an impact on overall Program performance) and evaluate the results of suc...
