Loss Mitigation Advisor Clause Samples
The Loss Mitigation Advisor clause designates a party or professional responsible for advising on strategies to minimize or manage losses in the event of a default or other adverse financial situation. Typically, this advisor may be consulted to recommend actions such as restructuring payments, negotiating with creditors, or implementing other remedial measures to reduce the impact of losses. The core function of this clause is to ensure that expert guidance is available to help parties respond effectively to financial difficulties, thereby potentially reducing losses and facilitating a more orderly resolution of problems.
Loss Mitigation Advisor. The Murrayhill Company, a Colorado corporation, and its successors and assigns.
Loss Mitigation Advisor. Master Servicer to Service and Administer the Loans..................................50 Section 3.02. Servicing Agreements Between Master Servicer and Servicers...........................52 Section 3.03.
Loss Mitigation Advisor. (a) AIC agrees to serve as Loss Mitigation Advisor to the Trustee. AIC shall have the right to cause its manager, Financial Asset Management LLC, to perform on its behalf but it will not thereby be released from its obligations hereunder. To the extent certain consents to the continuation of the Special Servicing Agreements despite the transfer of the related Pooled Certificates are received, the Loss Mitigation Advisor will perform the activities provided for in the Special Servicing Agreements on behalf of the Trustee with respect to the Mortgage Loans underlying the applicable Pooled Certificates. To the extent there is no applicable Special Servicing Agreement or a consent is not received, the Loss Mitigation Advisor on a monthly basis will nonetheless monitor delinquency and foreclosure information otherwise available to the Trustee, both from monthly reports supplied to it as the holder of the related Pooled Certificates or as reported on publicly available sources. In addition, it will attempt to contact applicable Servicers in order to determine the status of, and to make suggestions with respect to procedures relating to, foreclosures. For such services, the Loss Mitigation Advisor shall be entitled to receive the Loss Mitigation Advisor's Fee each month, in accordance with Section 12.01(a).
(b) AIC may be removed as Loss Mitigation Advisor at any time upon the determination by the Trustee that AIC has not performed in accordance with accepted industry standards as the Loss Mitigation Advisor; provided that prior to such removal becoming effective, the Trustee seeks and obtains the affirmative vote of holders of each Class of Notes, voting separately, holding 60% of the Voting Rights of each such Class and the prior written confirmation of the Rating Agency that such action will not adversely affect its then rating of any Class of Notes.
(c) In connection with performing its duties as Loss Mitigation Advisor, AIC may not resign as the Loss Mitigation Advisor or assign its interest in all or any part of the Loss Mitigation Advisor's Fee without obtaining the affirmative vote of Holders of each Class of Notes, voting separately, holding 60% of the Voting Rights of each such Class and the prior written confirmation of the Rating Agency that such action will not adversely affect its then rating of any Class of Notes.