Common use of Platform Administration Standard Clause in Contracts

Platform Administration Standard. The Loan Platform Administrator shall use commercially reasonable efforts to manage the Prosper System in accordance with industry standards customary for online credit platforms of the same general type and character as the Prosper System, in each case (i) as long as PMI is the Loan Platform Administrator, in accordance with the provisions of the Company’s Limited Liability Company Agreement (in particular the sections governing the limitations on the Company’s activities), (ii) as long as PMI is the Loan Platform Administrator, in accordance with the provisions of the Unanimous Written Consent of the Board of Directors of Prosper Marketplace, Inc. dated [TBD], (iii) in accordance with the Applicable Requirements, and (iv) without regard to: (A) any relationship that the Loan Platform Administrator or any Affiliate of the Loan Platform Administrator may have with the Company; or (B) the Loan Platform Administrator’s right to receive compensation for its services hereunder. The standard set forth in the immediately preceding sentence shall be referred to herein as the “Platform Administration Standard.”

Platform Administration Standard. The Loan Platform Administrator shall use commercially reasonable efforts to manage the Prosper System in accordance with industry standards customary for online credit platforms of the same general type and character as the Prosper System, in each case (i) as long as PMI is the Loan Platform Administrator, in accordance with the provisions of the Company’s Limited Liability Company Agreement (in particular the sections governing the limitations on the Company’s activities), (ii) as long as PMI is the Loan Platform Administrator, in accordance with the provisions of the Unanimous Written Consent of the Board of Directors of Prosper Marketplace, Inc. dated [TBD]October 23, 2012, (iii) in accordance with the Applicable Requirements, and (iv) without regard to: (A) any relationship that the Loan Platform Administrator or any Affiliate of the Loan Platform Administrator may have with the Company; or (B) the Loan Platform Administrator’s right to receive compensation for its services hereunder. The standard set forth in the immediately preceding sentence shall be referred to herein as the “Platform Administration Standard.”