Common use of Manager’s Right to Offer Programs; Statutory Authority of Regulatory Authority Clause in Contracts

Manager’s Right to Offer Programs; Statutory Authority of Regulatory Authority. ▇▇▇▇▇▇ Bank grants Manager the right to offer the Programs on behalf of ▇▇▇▇▇▇ Bank, and hereby appoints Manager as ▇▇▇▇▇▇ Bank’s agent for the sole and limited purpose of providing the services described herein with respect to the Programs. As an authorized delegate and representative of ▇▇▇▇▇▇ Bank, Manager acknowledges and agrees to the following: (A) any Regulatory Authority has and shall have the statutory authority to regulate, examine and initiate an enforcement action against Manager with respect to the activities performed by Manager as agent or representative of ▇▇▇▇▇▇ Bank; (B) ▇▇▇▇▇▇ Bank and Manager, in its capacity as ▇▇▇▇▇▇ Bank’s authorized delegate and representative, are both subject to control and supervision by the appropriate Regulatory Authority; (C) the Regulatory Authority may require both ▇▇▇▇▇▇ Bank and Manager, in its capacity as ▇▇▇▇▇▇ Bank’s authorized delegate and representative, to (and, if required, the Parties shall) submit periodic reports to the Regulatory Authority; (D) the Regulatory Authority may require the Parties to (and, if required, the Parties shall) modify the terms of this Amended Program Manager Agreement or terminate ▇▇▇▇▇▇ Bank’s relationship with Manager at any time; and (E) the Regulatory Authority may institute any other requirements or conditions that the Regulatory Authority deems appropriate for a particular purpose in connection with this Amended Program Manager Agreement and the rights and responsibilities set forth herein, in which case the Parties agree to comply with such requirements or conditions.

Manager’s Right to Offer Programs; Statutory Authority of Regulatory Authority. ▇▇▇▇▇▇ Bank grants Manager the right to offer the Programs on behalf of ▇▇▇▇▇▇ Bank, and hereby appoints Manager as ▇▇▇▇▇▇ Bank’s agent for the sole and limited purpose of providing the services described herein with respect to the Programs. As ▇▇▇▇▇▇▇▇.▇▇ an authorized delegate and representative of ▇▇▇▇▇▇ Bank, Manager acknowledges and agrees to the following: (A) any Regulatory Authority has and shall have the statutory authority to regulate, examine and initiate an enforcement action against Manager with respect to the activities performed by Manager as agent or representative of ▇▇▇▇▇▇ Bank; (B) ▇▇▇▇▇▇ Bank and Manager, in its capacity as ▇▇▇▇▇▇ Bank’s authorized delegate and representative, are both subject to control and supervision by the appropriate Regulatory Authority; (C) the Regulatory Authority may require both ▇▇▇▇▇▇ Bank and Manager, in its capacity as ▇▇▇▇▇▇ Bank’s authorized delegate and representative, to (and, if required, the Parties shall) submit periodic reports to the Regulatory Authority; (D) the Regulatory Authority may require the Parties to (and, if required, the Parties shall) modify the terms of this Amended Program Manager Agreement or terminate ▇▇▇▇▇▇ Bank’s relationship with Manager at any time; and (E) the Regulatory Authority may institute any other requirements or conditions that the Regulatory Authority deems appropriate for a particular purpose in connection with this Amended Program Manager Agreement and the rights and responsibilities set forth herein, in which case the Parties agree to comply with such requirements or conditions.