Common use of Conversion Ratios Clause in Contracts

Conversion Ratios. The parties agree to the following minimum performance standards for FMN. (a) FMN shall meet the following conversion ratios for ILSI Loans from the indicated stage or category, to a closed and funded loan: (i) Stage ** (ii) Stage ** (iii) Stage (assuming prospective borrower submits a fee or credit card deposit with the application. )** (iv) Stage (assuming prospective borrower does not submits a fee or credit card deposit with the application).** (b) The above ratios will be reviewed by the parties after six (6) months following the Launch (or such other time periods determined by the parties). The parties may adjust such ratios, but the blended average of the ratios as adjusted shall provide a combined conversion ratio that is substantially equivalent to the above ratios. In no event shall the conversion ratios achieved by FMN fall below the highest conversion rate on a blended average basis, offered by the top two lenders participating on the Website, including the QuickenMortgage charter lenders as well as Participating Lenders as defined in this Agreement. (c) If FMN does not achieve the agreed-upon conversion ratios for three (3) consecutive months (based upon a blended average of the categories), then, upon written notice from ILSI, FMN shall have ninety (90) days to cure the shortfall. Cure shall be effected by FMN's achieving the blended average conversion ratios during the ninety (90) day cure period. If the shortfall continues after the end of the cure period, ILSI shall have the right to terminate this Agreement in accordance with Article VIII below. ** indicates information which has been omitted pursuant to a confidential treatment request filed separately with the commission. 9 Notwithstanding the foregoing, if FMN does not achieve at least 50% of the agreed-upon conversion ratios for two (2) consecutive months, ILSI will provide written notice of this fact to FMN, and FMN shall have only sixty (60) days to cure the shortfall. The cure shall be effected in the manner described immediately above, except that the cure period shall be reduced to 60 days. If the shortfall continues after the end of the sixty (60) day cure period, ILSI shall have the right to terminate this Agreement as provided herein.