Change in Financial Condition. If MC undergoes a material change in financial condition such that it is unable to meet its obligations under this Agreement, ILSI may terminate this Agreement if, after giving MC written notice and a 15-day opportunity to cure, MC's financial condition has not been restored to the extent that it can perform its obligations hereunder; provided, however, that if the adverse change in MC's financial condition results in MC's failure to fund loans as and when scheduled for three (3) consecutive days, ILSI may thereafter immediately terminate this Agreement and at its option, seek alternative funding for the affected loans.
Appears in 3 contracts
Sources: Subprime Agreement for Distribution, Marketing, Facilities, and Services (Mortgage Com Inc), Subprime Agreement for Distribution, Marketing, Facilities, and Services (Mortgage Com Inc), Subprime Agreement for Distribution, Marketing, Facilities, and Services (Mortgage Com Inc)