Common use of Default Prevention Services Clause in Contracts

Default Prevention Services. FMER shall provide Default Prevention Services as described in this Section 4.6 (“Default Prevention Services”). 4.6.1 FMER shall retain and be responsible for licensed, third party Subcontractors who are Approved Collectors to perform Default Prevention Services. FMER shall ensure Subcontractors perform Default Prevention Services in compliance with all Requirements of Law and this Agreement. FMER shall manage Subcontractors in order to minimize losses from those categories of Delinquent Loans for which SunTrust and FMER agree from time to time that Default Prevention Services will be performed (i.e., Loans at or beyond a specified stage of delinquency). Such tactics shall be undertaken in order to incent Borrowers who are past due but with respect to whom Servicer has not yet submitted a “Default Notification” (as defined in the Servicing Guidelines) to SunTrust to become current. FMER shall require Subcontractors to provide dedicated staff to make outbound calls related to past due accounts referred by FMER and receive inbound calls resulting from Subcontractor’s efforts. FMER also shall require Subcontractors to draft and mail letters and conduct other activities reasonably calculated to minimize losses from Delinquent Loans. Default Prevention Services include both telephonic and mail contacts, as well as address verification and skip tracing; provided, however, Default Prevention Services shall not include any activity that is prohibited by Requirements of Law, as determined by SunTrust in its sole discretion. 4.6.2 FMER shall use commercially reasonable efforts to maximize collections in connection with the operations of Subcontractors. 4.6.3 Notwithstanding anything to the contrary herein or in the Program Guidelines or Servicing Agreement, and regardless of the length of the delinquency of any Loan, in no event shall FMER and the applicable Subcontractors continue the Default Prevention Services with respect to each applicable Loan past the date a default notification is submitted with respect to such Loan in accordance with the Servicing Guidelines.

Default Prevention Services. FMER shall provide Default Prevention Services as described in this Section 4.6 (“Default Prevention Services”). 4.6.1 FMER shall retain and be responsible for licensed, third party Subcontractors who are Approved Collectors to perform Default Prevention Services. FMER shall ensure Subcontractors perform Default Prevention Services in compliance with all Requirements of Law and this Agreement. FMER shall manage Subcontractors in order to minimize losses from those categories of Delinquent Loans for which SunTrust Lender and FMER agree from time to time that Default Prevention Services will be performed (i.e., Loans at or beyond a specified stage of delinquency). Such tactics shall be undertaken in order to incent Borrowers who are past due but with respect to whom Servicer has not yet submitted a “Default Charge Off Notification” (as defined in the Servicing Guidelines) to SunTrust Lender to become current. FMER shall require Subcontractors to provide dedicated staff to make outbound calls related to past due accounts referred by FMER and receive inbound calls resulting from Subcontractor’s efforts. FMER also shall require Subcontractors to draft and mail letters and conduct other activities reasonably calculated to minimize losses from Delinquent Loans. Default Prevention Services include both telephonic telephonic, mail, and e-mail contacts, as well as address verification and skip tracing; provided, however, Default Prevention Services shall not include any activity that is prohibited by Requirements of Law, as determined by SunTrust in its sole discretion. 4.6.2 FMER shall use commercially reasonable efforts to maximize collections in connection with the operations of Subcontractors. 4.6.3 Notwithstanding anything to the contrary herein or in the Program Guidelines or Servicing Agreement, and regardless of the length of the delinquency of any Loan, in no event shall FMER and the applicable Subcontractors continue the Default Prevention Services with respect to each applicable Loan past the date a default notification Charge Off Notification is submitted with respect to such Loan in accordance with the Servicing Guidelines.

Default Prevention Services. FMER shall provide Default Prevention Services as described in this Section 4.6 4.5 (“Default Prevention Services”). 4.6.1 4.5.1 FMER shall retain and be responsible for licensed, third party Subcontractors who are Approved Collectors to perform Default Prevention ServicesServices as requested by SunTrust. FMER shall ensure Subcontractors perform Default Prevention Services in compliance with all Requirements of Law and this Agreement. FMER shall manage Subcontractors in order to minimize losses from those categories of Delinquent Loans for which SunTrust and FMER agree from time to time that Default Prevention Services will be performed (i.e., Loans at or beyond a specified stage of delinquency). Such tactics shall be undertaken in order to incent Borrowers and Cosigners who are past due but with respect to whom Servicer has not yet submitted a “Default Notification” notification of a Charged Off Loan (as defined in the manner set forth in the Servicing Guidelines) to SunTrust to become current. FMER shall require Subcontractors to provide dedicated staff to make outbound calls related to past due accounts referred by FMER and receive inbound calls resulting from Subcontractor’s efforts. FMER also shall require Subcontractors to draft and mail letters (subject to prior review and approval by SunTrust) and conduct other activities reasonably calculated to minimize losses from Delinquent Loans. Default Prevention Services include both telephonic and mail contacts, as well as address verification and skip tracing; provided, however, Default Prevention Services shall not include any activity that is prohibited by Requirements of Law, as determined by SunTrust in its sole discretion. 4.6.2 4.5.2 FMER shall use commercially reasonable efforts to maximize collections in connection with the operations of Subcontractors. 4.6.3 4.5.3 Notwithstanding anything to the contrary herein or in the Program Guidelines or Servicing Agreement, and regardless of the length of the delinquency of any Loan, in no event shall FMER and the applicable Subcontractors continue the Default Prevention Services with respect to each applicable Loan past the date a default Charged Off Loan notification is submitted with respect to such Loan in accordance with the Servicing Guidelines.