Common use of Conditions Precedent to Future Advances Clause in Contracts

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Advance, delivery of a Base Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Facility Advance; (e) If the Advance is a Revolving Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Advance, the receipt by the Lender of the first installment of Revolving Facility Fee for the Revolving Advance and the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the --------------------------------------- Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Advance, delivery of a Base Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Facility Advance; (e) If the Advance is a Revolving Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Advance, the receipt by the Lender of the first installment of Revolving Facility Fee for the Revolving Advance and the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Fixed Facility Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Fixed Facility Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date Date, Permitted Liens and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) If the Advance is a Variable Advance requiring a Hedge pursuant to the terms of Article XXI, receipt by Lender at least five (5) days prior to the Closing Date for such Advance, of the confirmation of a Hedge commitment with respect to such Advance; (j) If applicable, receipt by Lender of Hedge Documents effective as of the Closing Date; (k) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Fixed Facility Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Fixed Facility Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date Date, Permitted Liens, and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) If the Advance is a Variable Advance requiring a Hedge pursuant to the terms of Article XXI, receipt by Lender at least five (5) days prior to the Closing Date for such Advance, of the confirmation of a Hedge commitment with respect to such Advance; (j) If applicable, receipt by Lender of Hedge Documents effective as of the Closing Date; (k) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The Except in connection with a Rollover Variable Advance, receipt by the Lender of a Future the fully executed Advance Request; (b) The Except in connection with a Rollover Variable Advance, delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After Except in connection with a Rollover Variable Advance, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For If the Advance is made in connection with the addition of a Mortgaged Property to the Collateral Pool, for any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date increasing the limits of liability by the amount of the Future Advance and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.041.04; (h) The receipt by Except in connection with a Rollover Variable Advance, no material adverse change in the financial condition of Borrower or Sun has occurred between the respective dates of the financial statements which were most recently furnished to Lender relating to such entities; (i) Except in connection with a Rollover Variable Advance, no Governmental Approval not already obtained or made is required for the execution and delivery of all legal fees and expenses payable by the Borrower documents to be delivered in connection with the Future Advance pursuant Advance; (j) Except in connection with a Rollover Variable Advance, Borrower is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to Section 16.04(b)its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (ik) The satisfaction Receipt by Lender of all applicable General Conditions set forth in Article XIthe Expansion Origination Fee, if applicable.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; notwithstanding the foregoing, if the test set forth in this Section 5.03(c) is not satisfied after the Future Advance, such Future Advance may be permitted by Lender if the Future Advance improves the Collateral Pool based on factors that are consistent with Lender’s Underwriting Requirements and results in improvement in one or both of the following areas: the then current Aggregate Debt Service Coverage Ratio for the Trailing 12 Month Period or the then current Aggregate Loan to Value Ratio. Notwithstanding the foregoing, under no circumstances shall the Aggregate Loan to Value Ratio exceed ninety percent (90%); (d) If the Advance is a Base Fixed Facility Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Fixed Facility Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For If required by Lender, for any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial last Closing Date with respect to which the Title Insurance Policy was endorsed, Permitted Liens, and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.04; (h) Receipt by Lender of a Cash Commitment or MBS Commitment, as applicable; (i) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (ij) If the Advance is a Variable Advance requiring a Hedge pursuant to the terms of Article 21, receipt by Lender at least five (5) days prior to the Closing Date for such Advance, of the confirmation of a Hedge commitment with respect to such Advance; (k) If applicable, receipt by Lender of Hedge Documents effective as of the Closing Date; (l) The satisfaction of all applicable General Conditions set forth in Article XI11.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance Advances is subject to the satisfaction of the following conditions precedent: (a) The receipt by the Lender of a With respect to any Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After Advances, after giving effect to the requested Future Advance, : (i) the Aggregate Debt Service Coverage and LTV Tests will be satisfiedRatio for the Trailing 12 Month Period is not less than the Minimum Aggregate Debt Service Coverage Ratio for the Trailing Twelve Month Period; (dii) the Aggregate Debt Service Coverage Ratio for the Trailing Three Month Period is not less than the Minimum Aggregate Debt Service Coverage Ratio for the Trailing Three Month Period; (iii) the Aggregate Loan to Value Ratio for the Trailing 12 Month Period is not greater than the Maximum Aggregate Loan to Value Ratio for the Trailing 12 Month Period; (b) If the Advance is a Base Facility Advance, delivery of a Base Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Facility Advance; (ec) If the Advance is a Revolving Facility Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (fd) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Advance, the receipt by the Lender of the first installment of Revolving Facility Fee for the Revolving Advance and the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (ie) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Fixed Facility Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Fixed Facility Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) The satisfaction of all applicable General Conditions set forth in Article XI.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested A Future Advance is subject to the satisfaction of the following conditions precedent: (a) The Except in connection with a Rollover Variable Advance, receipt by the Lender of a Future the fully executed Advance Request; (b) The Except in connection with a Rollover Variable Advance, delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After Except in connection with a Rollover Variable Advance, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If the Advance is a Revolving Variable DMBS Advance, delivery of the Advance DMBS Refinance Confirmation InstrumentForm, duly executed by Borrower and/or (in the Borrowercase of a Variable Advance that is not a Rollover Variable Advance) a new Variable Facility Note, as applicable; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsementrevolving credit or future advance endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the applicable Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable DMBS Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable DMBS Advance and the entire Discount for the Revolving Variable DMBS Advance payable by the Borrower pursuant to Section 2.041.04; (h) The If the Advance is a Variable Advance (and not a Rollover Variable Advance), receipt by Lender at least five (5) days prior to the applicable Closing Date, of the confirmation of an Interest Rate Cap commitment, in accordance with the Pledge, Interest Rate Cap Agreement, effective as of the Closing Date; (i) If the Advance is a Variable Advance (and not a Rollover Variable Advance), receipt by Lender of all legal fees and expenses payable by Interest Rate Cap Documents, in accordance with the Borrower Pledge, Interest Rate Cap Agreement, effective as of the Closing Date; (j) Except in connection with the Future Advance pursuant to Section 16.04(b)a Rollover Variable Advance, receipt by Lender of a Confirmation of Guaranty; and (ik) The satisfaction Receipt by Lender of one or more endorsements as specified by Lender increasing the amount of any or all applicable General Conditions set forth Title Insurance Policies in Article XIthe aggregate equal to the amount of Future Advances made pursuant to Section 2.06.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested A Future Advance is subject to the satisfaction of the following conditions precedent: (a) The Except in connection with a Rollover Variable Advance, receipt by the Lender of a Future the fully executed Advance Request; (b) The Except in connection with a Rollover Variable Advance, delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After Except in connection with a Rollover Variable Advance, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance DMBS Refinance Confirmation InstrumentForm, duly executed by Borrower and/or (in the Borrowercase of a Variable Advance that is not a Rollover Variable Advance) a new Variable Facility Note, as applicable; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsementrevolving credit or future advance endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the applicable Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.041.04(b); (h) The If the Advance is a Variable Advance (and not a Rollover Variable Advance), receipt by Lender at least five (5) days prior to the applicable Closing Date, of the confirmation of an Interest Rate Cap commitment, in accordance with the Pledge, Interest Rate Cap Agreement, effective as of the Closing Date; (i) If the Advance is a Variable Advance (and not a Rollover Variable Advance), receipt by Lender of all legal fees and expenses payable by Interest Rate Cap Documents, in accordance with the Borrower Pledge, Interest Rate Cap Agreement, effective as of the Closing Date; (j) Except in connection with the Future Advance pursuant to Section 16.04(b)a Rollover Variable Advance, receipt by Lender of a Confirmation of Guaranty; and (ik) The satisfaction Receipt by Lender of one or more endorsements as specified by Lender increasing the amount of any or all applicable General Conditions set forth Title Insurance Policies in Article XIthe aggregate equal to the amount of Future Advances made pursuant to Section 2.06.

Conditions Precedent to Future Advances. The Subject to the availability of Future Advances pursuant to Section 2.05, the obligation of the Lender to make a requested Future Advance is subject to satisfaction of the following conditions precedent: (a) The receipt by the Lender of a Future the fully executed Advance Request; (b) The delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance pursuant to the BorrowerSection 2.01(c)(b); (c) After after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfiedand, in connection with the Addition of a Mortgaged Property (if applicable), the Individual Property Coverage and LTV Tests are satisfied and the maximum Advance Amount is not exceeded; (d) If if the Future Advance is a Base Facility Fixed Advance, delivery of a Base one or more Fixed Facility NoteNotes, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If if the Future Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrumentone or more Variable Facility Notes, duly executed by Borrower, in the Borroweramount and reflecting all of the terms of the Variable Advance; (f) For receipt by Lender of the documents and instruments required by Section 5.09 and Section 5.10; (g) receipt by Lender of the Additional Origination Fee pursuant to Section 10.01(b) and the Additional Collateral Due Diligence Fees pursuant to Section 10.02(b); (h) receipt by Lender of a Funding Commitment; (i) for any Title Insurance Policy not containing a Revolving Credit Endorsementfuture advance endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the LenderPermitted Liens; (gj) If if the Future Advance is a Revolving Variable Advance, the receipt by Lender at least three (3) days prior to the Lender Closing Date, of the first installment confirmation of Revolving Facility Fee for an Interest Rate Cap commitment, in accordance with the Revolving Advance and Cap Security Agreement, effective as of the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04Closing Date; (hk) The if the Future Advance is a Variable Advance, receipt by the Lender of all legal fees Interest Rate Cap Documents in accordance with this Agreement and expenses payable by the Cap Security Agreement, effective as of the Closing Date; (l) a certificate from Borrower certifying that no Governmental Approval not already obtained or made is required for the execution and delivery of the documents to be delivered in connection with the Future Advance pursuant Advance; (m) a certificate from Borrower certifying that neither Borrower nor Guarantor is under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to Section 16.04(b)its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (in) The satisfaction receipt by Lender of all applicable General Conditions set forth a Confirmation of Guaranty for each Guaranty then in Article XIeffect.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt by the Lender of a Future Advance Request; (b) The Lender has delivered the Rate Setting Form for the Future Advance to the Borrower; (ci) After If the requested Future Advance is a new Advance, and not a rollover of a maturing Advance or a conversion of a Revolving Advance to a Base Facility Advance that has a maturity date which does not extend beyond the Revolving Facility Termination Date, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (ii) If the requested Future Advance is a rollover of a maturing Advance or a conversion of a Revolving Advance to a Base Facility Advance that has a maturity date which does not extend beyond the Revolving Facility Termination Date, the Coverage and LTV Tests under this Section 5.3(c) will not be applied; or (iii) If the requested Future Advance is a conversion of a Revolving Advance to a Base Facility Advance that has a maturity date which does extend beyond the Revolving Facility Termination Date, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied. (d) If the Advance is a Base Facility Advance, delivery of a Base Facility Note, duly executed by the Borrower, in the amount of the Advance, reflecting all of the terms of the Base Facility Advance; (e) If the Advance is a Revolving Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the LenderPermitted Liens; (g) If the Advance is a Revolving Advance, the receipt by the Lender of the first installment of Revolving Facility Fee for the Revolving Advance and the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b18.4(b); and; (h) The sum of the aggregate unpaid principal balance of Base Facility Advances Outstanding and Revolving Advances Outstanding, at any time, shall not exceed the Maximum Credit Facility Commitment; (i) The making of the Advance shall not cause more than 10 separate Advances to be Outstanding at any one time; (j) One or more Xxxxxx shall be in effect in accordance with Article XXIII in an aggregate notional principal amount at least equal to the aggregate principal sum of all Revolving Advances then Outstanding after giving effect to such Future Advance; and (k) The satisfaction of all applicable General Conditions set forth in Article XISection 12.1; provided, however, that (i) if the Advance is a conversion of a Revolving Advance to a Base Facility Advance where the Base Facility Advance will have a maturity date which does not extend beyond the Revolving Facility Termination Date, then only Sections 12.1(a) and 12.1(c) through 12.1(f), inclusive, shall be applicable, and (ii) if the Advance is a rollover of a maturing Advance, then only Sections 12.1(a), 12.1(c), 12.1(e) and 12.1(f) shall be applicable.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to Lender’s determination that each of the following conditions precedentprecedent has been satisfied: (a) The receipt Receipt by the Lender of a Future the fully executed Advance Request; (b) The Delivery by Lender has delivered to Borrower of the confirmed Rate Setting Form for the Future Advance pursuant to the BorrowerSection 2.01(c); (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will shall be satisfied; (d) If the Future Advance is being made pursuant to Section 2.05, receipt by Lender of the Re-Underwriting Fee; Colonial/PNC ARCS — Master Credit Facility Agreement (e) If the Future Advance is being made pursuant to Section 2.03(b), receipt by Lender of the Additional Collateral Due Diligence Fees. (f) If the Future Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (eg) If the Advance is a Revolving Advance, delivery Receipt by Lender of the Advance Confirmation InstrumentAdditional Origination Fee, duly executed by the Borrowerif any such fee is due, pursuant to Section 2.05 or Section 10.02(b); (fh) For any Title Insurance Policy not containing a Revolving Credit Endorsementrevolving credit endorsement or future advance endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the LenderPermitted Liens; (gi) If the Future Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.041.04; (hj) The If the Future Advance is a Variable Advance, receipt by Lender at least five (5) days prior to the Closing Date, of the confirmation of an Interest Rate Cap commitment, in accordance with the Cap Security Agreement, effective as of the Closing Date; (k) If the Future Advance is a Variable Advance, receipt by Lender of all legal fees Interest Rate Cap Documents in accordance with the Cap Security Agreement, effective as of the Closing Date; (l) No Governmental Approval not already obtained or made is required for the execution and expenses payable by delivery of the Borrower documents to be delivered in connection with the Future Advance pursuant Advance; (m) Borrower or Guarantor is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to Section 16.04(b)its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (in) The satisfaction Receipt by Lender of all applicable General Conditions set forth a Confirmation of Guaranty for each Guaranty then in Article XIeffect.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The Except in connection with a Rollover Variable Advance, receipt by the Lender of a Future the fully executed Advance Request; (b) The Except in connection with a Rollover Variable Advance, delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After Except in connection with a Rollover Variable Advance, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Future Advance is a Base Facility Advancebeing made pursuant to Section 2.04(c), delivery of a Base Facility Note, duly executed by the Borrower, in Advances Outstanding shall not exceed the amount of the Advance, reflecting all of the terms of the Base Facility AdvanceBorrowing-Up Limitation; (e) If the Advance is a Revolving Fixed Advance, delivery of a Fixed Facility Note, duly executed by Borrower, in the amount and reflecting all of the terms of the Fixed Advance; (f) If the Advance is a Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (fg) For Except in connection with a Rollover Variable Advance, for any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date increasing the limits of liability by the amount of the Future Advance and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender; (gh) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.041.04; (hi) The receipt by No material adverse change in the financial condition of Borrower or Sunrise has occurred between the respective dates of the financial statements which were most recently furnished to Lender relating to such entities; (j) No Governmental Approval not already obtained or made is required for the execution and delivery of all legal fees and expenses payable by the Borrower documents to be delivered in connection with the Future Advance pursuant to Section 16.04(b)Advance; and (ik) The satisfaction Borrower is not under any cease or desist order or other orders of all applicable General Conditions set forth a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in Article XIprogress or, to its knowledge, contemplated which, if successful, would lead to the issuance of any such order.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The Except in connection with a Rollover Variable Advance, receipt by the Lender of a Future the fully executed Advance Request; (b) The Except in connection with a Rollover Variable Advance, delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After Except in connection with a Rollover Variable Advance, after giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrument, duly executed by the Borrower; (f) For any Title Insurance Policy not containing a Revolving Credit Endorsementrevolving credit endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the Lender;; and (g) If the Advance is a Revolving Variable Advance, the receipt by the Lender of the first installment of Revolving Variable Facility Fee for the Revolving Variable Advance and the entire Discount for the Revolving Variable Advance payable by the Borrower pursuant to Section 2.04; (h) The receipt by the Lender of all legal fees and expenses payable by the Borrower in connection with the Future Advance pursuant to Section 16.04(b); and (i) The satisfaction of all applicable General Conditions set forth in Article XI1.04.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to Lender’s determination that each of the following conditions precedentprecedent has been satisfied: (a) The receipt Receipt by the Lender of a Future the fully executed Advance Request; (b) The Delivery by Lender has delivered to Borrower of the confirmed Rate Setting Form for the Future Advance pursuant to the BorrowerSection 2.01(c); (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will shall be satisfied; (d) If the Future Advance is being made pursuant to Section 2.03(b), receipt by Lender of the Additional Collateral Due Diligence Fees. (e) If the Future Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (ef) If the Future Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrumenta Variable Facility Note, duly executed by Borrower, in the Borroweramount and reflecting all of the terms of the Variable Advance; (fg) Receipt by Lender of the Additional Origination Fee, if any such fee is due, pursuant to Section 2.03(b) or Section 2.05; (h) For any Title Insurance Policy not containing a Revolving Credit Endorsementrevolving credit endorsement or future advance endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date and other exceptions approved by the LenderPermitted Liens; (gi) If the Future Advance is a Revolving Variable Advance, the receipt by Lender at least five (5) days prior to the Lender Closing Date, of the first installment confirmation of Revolving Facility Fee for an Interest Rate Cap commitment, in accordance with the Revolving Advance and Cap Security Agreement, effective as of the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04Closing Date; (hj) The If the Future Advance is a Variable Advance, receipt by the Lender of all legal fees Interest Rate Cap Documents in accordance with the Cap Security Agreement, effective as of the Closing Date; (k) No Governmental Approval not already obtained or made is required for the execution and expenses payable by delivery of the Borrower documents to be delivered in connection with the Future Advance pursuant Advance; (l) Borrower or Guarantor is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the Colonial/ Grandbridge — Master Credit Facility Agreement effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to Section 16.04(b)its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (im) The satisfaction Receipt by Lender of all applicable General Conditions set forth a Confirmation of Guaranty for each Guaranty then in Article XIeffect.

Conditions Precedent to Future Advances. The obligation of the Lender to make a requested Future Advance is subject to the following conditions precedent: (a) The receipt Receipt by the Lender of a Future the fully executed Advance Request; (b) The Delivery by Lender has delivered to Borrower of the Rate Setting Form for the Future Advance to the BorrowerAdvance; (c) After giving effect to the requested Future Advance, the Coverage and LTV Tests will be satisfied; (d) If the Advance is a Base Facility Fixed Advance, delivery of a Base Fixed Facility Note, duly executed by the Borrower, in the amount of the Advance, and reflecting all of the terms of the Base Facility Fixed Advance; (e) If the Advance is a Revolving Variable Advance, delivery of the Advance Confirmation Instrumenta Variable Facility Note, duly executed by Borrower, in the Borroweramount and reflecting all of the terms of the Variable Advance; (f) For If the Advance is made in connection with the addition of a Mortgaged Property to the Collateral Pool, for any Title Insurance Policy not containing a Revolving Credit Endorsement, the receipt by the Lender of an endorsement to the Title Insurance Policy, amending the effective date of the Title Insurance Policy to the Closing Date increasing the limits of liability by the amount of the Future Advance and showing no additional exceptions to coverage other than the exceptions shown on the Initial Closing Date of the addition of such Mortgaged Property and other exceptions approved by the Lender; (g) If the Advance is a Revolving Advance, the receipt by the Lender of the first installment of Revolving Facility Fee for the Revolving Advance and the entire Discount for the Revolving Advance payable by the Borrower pursuant to Section 2.04[Intentionally Deleted]; (h) The receipt by No material adverse change in the financial condition of Borrower or Sun has occurred between the respective dates of the financial statements which were most recently furnished to Lender relating to such entities; (i) No Governmental Approval not already obtained or made is required for the execution and delivery of all legal fees and expenses payable by the Borrower documents to be delivered in connection with the Future Advance pursuant Advance; (j) Borrower is not under any cease or desist order or other orders of a similar nature, temporary or permanent of any Governmental Authority which would have the effect of preventing or hindering performance of the terms and provisions of the Agreement or any other Loan Documents, nor are there any proceedings presently in progress or, to Section 16.04(b)its knowledge, contemplated which, if successful, would lead to the issuance of any such order; and (ik) The satisfaction Receipt by Lender of all applicable General Conditions set forth in Article XIthe Expansion Origination Fee, if applicable.