Common use of Loss Mitigation Clause in Contracts

Loss Mitigation. With respect to any Loan, in accordance with the Accepted Servicing Practices, Servicer shall use commercially reasonable efforts to realize upon Loans in such a manner that reasonably attempts to maximize the receipt of principal and interest for Purchaser, including pursuing any Loan Modification pursuant to Section 3.1 or pursuing other loss mitigation or other default recovery actions consistent with the Accepted Servicing Practices.

Appears in 4 contracts

Samples: Master Loan Servicing Agreement (LendingClub Corp), Master Loan Servicing Agreement (LendingClub Corp), Master Loan Servicing Agreement (LendingClub Corp)

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Loss Mitigation. With respect to any Loan, in accordance with subject to the Accepted Servicing Practices, Servicer shall use commercially reasonable efforts to realize upon Loans in such a manner that reasonably attempts to maximize the receipt of principal and interest for Purchaser, including pursuing any Loan Modification pursuant to Section 3.1 3.01(b) or pursuing other loss mitigation or other default recovery actions consistent with the Accepted Servicing Practices.

Appears in 2 contracts

Samples: Loan Servicing Agreement, Loan Servicing Agreement (LendingClub Corp)

Loss Mitigation. With respect to any Loan, in accordance with the Accepted Servicing PracticesStandard, Servicer shall use commercially reasonable efforts to realize upon Loans in such a manner that reasonably attempts to maximize the receipt of principal and interest for Purchaserinterest, including pursuing any Loan Modification pursuant to Section 3.1 3.01(b) or pursuing other loss mitigation or other default recovery actions consistent in accordance with the Accepted Servicing PracticesStandard.

Appears in 2 contracts

Samples: Backup Servicing Agreement (Prosper Funding LLC), Backup Servicing Agreement (Prosper Funding LLC)

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Loss Mitigation. With respect to any Loan, in accordance with the Accepted Servicing PracticesStandard, Servicer shall use commercially reasonable efforts to realize upon Loans in such a manner that reasonably attempts to maximize the receipt of principal and interest for Purchaserinterest, including pursuing any Loan Modification pursuant to Section 3.1 3.01(b) or pursuing other loss mitigation or other default recovery actions consistent in accordance with the Accepted Servicing Practices.Standard. (c)

Appears in 1 contract

Samples: Backup Servicing Agreement

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