Common use of Funding Process Clause in Contracts

Funding Process. A. CMCS shall continue to originate Mortgage Loans in accordance with its historical practices. CMCS shall send a weekly report (a “Mortgage Loan Report”) to CMR presenting in reasonable detail Mortgage Loans identified by CMCS and that CMCS believes satisfy the investment criteria of CMR and are appropriate for investment by CMR (each, a “Potential Qualifying Loan”). CMR shall then have a period of two (2) business days from the date of such notice (an “Initial Election Period”) to elect to fund all or a portion of those Potential Qualifying Loans by delivering written notice to CMCS (each, a “Preliminary Funding Notice”). Each Preliminary Funding Notice shall constitute an offer by CMR to fund all or the specified portion of each Potential Qualifying Loan listed in such Preliminary Funding Notice upon the terms and conditions set forth in the Mortgage Loan Report as modified by any requested changes set forth in such Preliminary Funding Notice, with such changes thereto as CMR shall deem appropriate for its funding thereof. If CMR fails to deliver a Preliminary Funding Notice to CMCS prior to the expiration of the Initial Election Period, or if the Preliminary Funding Notices delivered by CMR does not include all of the Potential Qualifying Loans listed on the Mortgage Loan Report, then CMCS may arrange for the funding of all or any such portion, as the case may be, of the remaining Potential Qualifying Loans set forth in the applicable Mortgage Loan Report that were not selected by CMR through one or more other investment programs sponsored by Parent (each, a “Competitive Program”) or third parties.

Funding Process. A. CMCS Ignite shall continue to originate Mortgage Loans in accordance with its historical practices. CMCS Ignite shall send a weekly report (a “Mortgage Loan Report”) to CMR presenting in reasonable detail Mortgage Loans identified by CMCS Ignite and that CMCS Ignite believes satisfy the investment criteria of CMR and are appropriate for investment by CMR (each, a “Potential Qualifying Loan”). CMR shall then have a period of two (2) business days from the date of such notice (an “Initial Election Period”) to elect to fund all or a portion of those Potential Qualifying Loans by delivering written notice to CMCS Ignite (each, a “Preliminary Funding Notice”). Each Preliminary Funding Notice shall constitute an offer by CMR to fund all or the specified portion of each Potential Qualifying Loan listed in such Preliminary Funding Notice upon the terms and conditions set forth in the Mortgage Loan Report as modified by any requested changes set forth in such Preliminary Funding Notice, with such changes thereto as CMR shall deem appropriate for its funding thereof. If CMR fails to deliver a Preliminary Funding Notice to CMCS Ignite prior to the expiration of the Initial Election Period, or if the Preliminary Funding Notices delivered by CMR does not include all of the Potential Qualifying Loans listed on the Mortgage Loan Report, then CMCS Ignite may arrange for the funding of all or any such portion, as the case may be, of the remaining Potential Qualifying Loans set forth in the applicable Mortgage Loan Report that were not selected by CMR through one or more other investment programs sponsored by Parent (each, a “Competitive Program”) or third parties.