Common use of Third Party Servicer Provider Entity Clause in Contracts

Third Party Servicer Provider Entity. ILSI and FMN may, in the future and pursuant to a separate agreement, form a separate entity (a limited liability company, joint venture or other entity), either by themselves or with one or more service providers, to provide, in connection with ILSI Loans, some or all of the ancillary services described in Section 2.3(a). If ILSI and FMN form such an entity, they shall share any resulting profits and expenses in accordance to their respective ownership interests in the new entity. Each party will offer the other the right to participate in up to 50% of the ownership of such new entity. In the event a party offered participation declines to participate, the other party may proceed with the formation of such an entity and the provision of ancillary services, so long as the services are priced competitively with those charged by the Index Group, as described in 2.3(b) above. A party that declines to participate in the new entity at its formation may participate thereafter, provided it purchases ownership interests in the entity at its then-current fair market value, as determined by an independent public accountant chosen by the parties. If applicable, any entity formed by the parties pursuant to this Section 2.3(c) shall comply with the rules governing affiliated business arrangements, as defined in the Real Estate Settlement Procedures Act (RESPA) and the regulations adopted thereunder.